Synchronoss 1Q profit rises, beating analyst expectations

Synchronoss 1Q profit rises

BRIDGEWATER, N.J. — Synchronoss Technologies Inc., which provides transaction management software for communication companies, said Monday that its first-quarter profit rose 30 percent. The results were ahead of analyst expectations.

Synchronoss shares rose $1.97, or 9.9 percent, to $21.95 in after-hours trading. The stock had finished regular trading down 45 cents at $19.98.

For the quarter that ended March 31, Synchronoss earned $2.7 million, or 9 cents per share, compared with $2.1 million, or 7 cents per share, in the same quarter last year.

When excluding one-time items, Synchronoss earned 14 cents per share. Analysts polled by Thomson Reuters expected 12 cents per share.

Revenue rose 19 percent to $35.1 million; analysts were looking for $34.6 million.