August 1, 2011 / 10:34 PM / in 7 years

Synchronoss Q2 beats Wall Street, ups FY11 outlook

(Reuters) - Communication software maker Synchronoss Technologies Inc posted better-than-expected quarterly results, helped by a 13 percent jump in revenue at its largest customer, AT&T Inc, and raised its full-year outlook.

Shares of the Bridgewater, New Jersey-based company were up 7 percent at $30.70 in post-market trading, after closing at $28.77 Monday on Nasdaq.

The company raised its full-year revenue outlook for the second time to $225-$229 mln, from its prior expectations of $218-$223 million.

Synchronoss, whose software is used by communications service providers to manage customer orders and transactions, also raised its 2011 adjusted profit forecast to 82-85 cents, from 80-84 cents.

Second-quarter revenue from business related to AT&T came in at $27.6 million, accounting for about half of total revenue.

April-June net income rose to $3.2 million, or 6 cents a share, from $3 million, or 9 cents a share, a year ago.

Excluding special items, it earned 21 cents a share.

Revenue at Synchronoss, which competes with Amdocs Ltd, CSG International Inc and NeuStar Inc, rose almost 50 percent to $55.4 million.

Analysts on average were looking for an adjusted profit of 20 cents a share, on revenue of $54.6 million, according to Thomson Reuters I/B/E/S.

Reporting by Sayantani Ghosh in Bangalore; Editing by Don Sebastian

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below