Synchronoss reports Q2 EPS (3c), consensus (3c)

Reports Q2 revenue $59.7M, consensus $59.74M.Invoiced Cloud Revenue Increased 24.0% to a Record $46.4M. Supported by Thirteenth Consecutive Quarter of Double-Digit Cloud Subscriber Growth. “During the second quarter, we drove continued momentum in our core Cloud business, highlighted by a multi-year renewal through 2030 with our largest customer in Verizon,” stated Jeff Miller, President and CEO of Synchronoss. “This year marks the 10-year anniversary of our partnership with Verizon, and we are looking forward to the expanded engagement in the years ahead as we support their growing cloud subscriber base by providing the latest in technology advancements, including the use of sophisticated deep learning and generative AI. “Financially, during the period we also recorded $46.4M in invoiced Cloud revenue, a record 24% increase over last year, driven by professional services contributions related to an upcoming new customer launch and a one-time favorable subscriber adjustment. In addition to our double-digit subscriber growth across our installed base, we expect a return to GAAP revenue growth and continued positive cash flow in the second half of this year. We also remain on schedule to launch Synchronoss Personal Cloud with a global Tier One operator in the APAC region later this year. Put together, through diligent cost management, continued execution in our core business, and several upcoming events that we expect to provide significant tailwinds, we are nearing a turning point in our evolution that will result in Synchronoss becoming a self-sustaining, cash generative enterprise over the long term.”