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Synchronoss Tech announces Q1 financial results

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Bridgewater-based Synchronoss Technologies Inc., a provider of cloud solutions and software-based activation for devices worldwide, announced Wednesday financial results for the first quarter of 2014.

“Synchronoss delivered strong first quarter results highlighted by revenue that exceeded our expectations, driven by 83 percent year-over-year cloud services revenue growth,” said Stephen G. Waldis, founder and CEO of Synchronoss. “Increased promotional activity by our customers, along with enhanced and integrated new cloud functionality embedded on the device, is having a positive impact on subscriber adoption rates and positions Synchronoss well to deliver strong growth in 2014.”

The company reported on a GAAP basis net revenues of $98.5 million, which is a 26 percent increase compared to the same quarter last year.  Gross profit was $58.5 million, the company said, and income from operations was $12.4 million in the first quarter.

“The first quarter was a strong start to 2014 and we are pleased with the rapid adoption and customer scaling of our Synchronoss Personal Cloud™ platform,” said Karen L. Rosenberger, CFO and treasurer. “We are seeing positive trends in a number of areas in our business and believe we are well positioned to generate strong levels of revenue growth and profitability going forward.”

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Emily Bader

Emily Bader

Emily Bader is the copy and web editor at NJBIZ. She is a Brielle, N.J. native and a Rutgers University alum. You can contact her at emilyb@njbiz.com or @emilybader on Twitter.

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