Synchronoss Technologies 4th-qtr profit rises
Synchronoss Technologies Inc.'s fourth-quarter profit rose 67 percent, surpassing analyst forecasts.
The company, which provides transaction management software for communication companies, said Thursday that it earned $4.5 million, or 14 cents per share, in the fourth quarter. That compares with $2.7 million, or 9 cents per share, a year earlier.
Excluding one-time items, Synchronoss earned 20 cents per share, 2 cents per share more than analysts polled by Thomson Reuters expected.
Its revenue rose 14 percent to $35.6 million, beating analyst expectations for $34.4 million.
For the full year, Synchronoss earned $12.3 million, or 39 cents per share, compared with $11.9 million, or 37 cents per share, in 2008. Annual revenue rose 16 percent to $128.8 million in 2009.
Synchronoss shares fell 15 cents in after-hours trading, after closing Friday up 20 cents at $16.69.