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Shares of Synchronoss Technologies (SNCR - Free Report) plummeted more than 50% in morning trading Thursday after the mobile solutions company announced the sudden departure of two top executives and issued a revenue warning.
According to a press release, the company’s current chief executive officer and chief financial officer will be stepping down immediately to “pursue other interests.” Company founder and Chairman Stephen Waldis will return to the role of CEO, and former CFO Lawrence Irving will return to his former role as well.
Synchronoss also reported preliminary first-quarter financial results. The company now expects total revenue for the quarter to be about $13 million to $14 million less than its previously-announced guidance. Operating margins are also expected to be less than what was guided for.
“With a track record of meeting or exceeding expectations, we are of course disappointed with our Q1 performance in this first quarter following our acquisition of Intralinks,” said Mr. Waldis. “In view of the Company’s performance in the first quarter, we expect this will impact our full year guidance.”
Heading into today, shares of SNCR were down more than 35% year-to-date. The stock is currently a Zacks Rank #4 (Sell).
Want more stock market analysis from this author? Make sure to follow @Ryan_McQueeney on Twitter!
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Here's Why Synchronoss Technologies (SNCR) Stock Plummeted Today
Shares of Synchronoss Technologies (SNCR - Free Report) plummeted more than 50% in morning trading Thursday after the mobile solutions company announced the sudden departure of two top executives and issued a revenue warning.
According to a press release, the company’s current chief executive officer and chief financial officer will be stepping down immediately to “pursue other interests.” Company founder and Chairman Stephen Waldis will return to the role of CEO, and former CFO Lawrence Irving will return to his former role as well.
Synchronoss also reported preliminary first-quarter financial results. The company now expects total revenue for the quarter to be about $13 million to $14 million less than its previously-announced guidance. Operating margins are also expected to be less than what was guided for.
“With a track record of meeting or exceeding expectations, we are of course disappointed with our Q1 performance in this first quarter following our acquisition of Intralinks,” said Mr. Waldis. “In view of the Company’s performance in the first quarter, we expect this will impact our full year guidance.”
Heading into today, shares of SNCR were down more than 35% year-to-date. The stock is currently a Zacks Rank #4 (Sell).
Want more stock market analysis from this author? Make sure to follow @Ryan_McQueeney on Twitter!
Zacks’ Hidden Trades
While we share many recommendations and ideas with the public, certain moves are hidden from everyone but chosen members of our portfolio services. Would you like to peek behind the curtain today and view them?
Starting today, and for the next month, you can follow all Zacks’ private buys and sells in real time. Our experts cover all kinds of trades: value, momentum, ETFs, stocks under $10, stocks that corporate insiders are buying up, and companies that are about to report positive earnings surprises. You can even look inside portfolios so exclusive that they are normally closed to new investors. Click here for Zacks’ secret trades>>