Synchronoss Technologies Inc - SNCR STOCK NEWS

Synchronoss Technologies reported a 1% year-over-year revenue increase to $65.9 million for Q1 2022, driven by an 18% growth in Cloud subscribers. Net loss improved to $5.6 million, and Adjusted EBITDA rose 109% to $11.6 million. The company maintains its 2022 revenue outlook, projecting total revenue between $260 million and $275 million, while raising its adjusted EBITDA expectations to $45 million to $55 million. The launch of new Cloud services and partnerships with major carriers like Verizon and AT&T were highlighted as key growth drivers.

Synchronoss Technologies (Nasdaq: SNCR) has signed a multi-year agreement with Brightspeed to support its fiber deployments across 20 states. Brightspeed, expected to serve over six million homes, will utilize Synchronoss's interconnectNOW and Financial Analytics platforms to streamline service requests and manage expenses. With an investment exceeding $2 billion, Brightspeed aims to enhance connectivity in underserved regions, reaching up to three million homes over five years. This partnership will enhance operational efficiency and expedite revenue realization for both companies.

Synchronoss Technologies (SNCR) announced the issuance of stock awards to two new employees under the 2017 New Hire Equity Incentive Plan. The company granted a total of 15,675 restricted stock awards and 15,225 stock options, both vesting over four years. These inducement awards were approved by the Compensation Committee and comply with Nasdaq Listing Rule 5635(c)(4). This strategic move aims to attract talent and align employee interests with shareholder value.

Synchronoss Technologies (NASDAQ: SNCR) will hold a conference call on May 10, 2022, at 4:30 p.m. ET to discuss its financial results for Q1 2022, ending March 31. The call will provide insights into the company’s performance and future outlook. Investors and analysts can participate via toll-free or international dial-in numbers provided in the announcement. A replay will be available post-call until May 17, 2022. Synchronoss is recognized for its innovative cloud and digital products, empowering businesses globally to engage subscribers effectively.

Synchronoss Technologies announced the appointment of Stanley Lowe as the new Chief Information Security Officer (CISO), effective April 13, 2022. With over 20 years of cybersecurity expertise, Lowe previously served as Global CISO at Zscaler, focusing on enterprise security and risk mitigation. He will oversee the protection of Synchronoss’s digital assets and advance its zero trust security strategy. This leadership change aims to bolster the company’s commitment to cybersecurity as it continues to expand its cloud-based solutions.

Synchronoss Technologies (Nasdaq: SNCR) has launched the Synchronoss Cloud for Home, allowing unlimited shared cloud storage for households across multiple devices. This initiative responds to the increasing need for 5G operators to offer bundled cloud services. The service enables up to five family members to manage digital content securely, with password-protected folders for sensitive documents. This innovation positions Synchronoss as a leader in the evolving 5G landscape, fostering new partnerships and enhancing customer engagement for better revenue potential.

Synchronoss Technologies (Nasdaq: SNCR) has announced a partnership with Kitamura, a leading multimedia retailer in Japan, to launch a white-label cloud solution named PicStorage. This new personal cloud service will allow Kitamura's customers to store, manage, and share digital content through a subscription-based model. With over 1,000 retail locations and 20 million annual visitors, Kitamura aims to enhance customer experiences by integrating the PicStorage cloud offering into their services.

iQmetrix, a telecom retail management software leader, announced its acquisition of Digital Experience Platform (DXP) and Activation Solutions from Synchronoss Technologies (NASDAQ: SNCR) for approximately $14 million. This strategic purchase aims to enhance iQmetrix's capabilities in delivering exceptional consumer experiences when buying and activating connected devices. The deal is expected to close in Q2 2022, allowing iQmetrix to integrate advanced digital retail technology and streamline customer experiences across multiple channels.

Synchronoss Technologies (SNCR) reported a strong fourth quarter for 2021, with total revenue increasing 6.4% to $73.8 million, driven by an 18% rise in Cloud subscribers. Gross profit surged 16.7% to $47.8 million, while operating income improved to $4.6 million, up from a loss in 2020. Key highlights include a $14 million agreement to sell its Digital Experience Platform and significant growth in Cloud revenue, expected to drive positive cash flow in 2022. For fiscal year 2022, projected GAAP revenue ranges from $260 million to $275 million, with continued Cloud subscriber growth anticipated.