Synchronoss Technologies Shares Fall 12% After 4Q Loss Widens

Dow Jones03-14

By Ben Glickman

Shares of Synchronoss Technologies fell Wednesday after the company's loss widened in the fourth quarter.

The stock was down 12%, to $9.06, in early afternoon trading. Shares are up 46% since the start of the year.

The Bridgewater, N.J.-based cloud software company said late Tuesday it posted a loss of $32.4 million, or $3.56 a share, in the quarter ended Dec. 31, compared with a loss of $13.7 million, or $1.66 a share, a year earlier. Analysts polled by FactSet expected a per-share loss of 66 cents.

Synchronoss's revenue was roughly flat compared to a year earlier, at $41.4 million. The company said its revenue was hit by expiring legacy contracts recorded a year ago in its NetworkX and Messaging businesses.

The company said its wider loss was attributable to divesting its Messaging and NetworkX businesses.

The company said it expects cloud subscriber growth to be in the high-single-digit to low-double-digit range in 2024.

Synchronoss said it expects revenue of $170 million to $175 million this year, consistent with its previous guidance for 5% to 8% growth.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

March 13, 2024 13:09 ET (17:09 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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