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SAN FRANCISCO (MarketWatch) — Synchronoss Technologies Inc. shares plunged as
much as 44% Wednesday after the communications software maker gave a weak
second-quarter forecast, largely due to consumers unlocking Apple Inc.’s iPhone.
Synchronoss, which makes money when someone activates an iPhone through AT&T Inc.
and other Apple partners, said it expects to earn 10 cents to 11 cents a share on
revenue in a range of $24 million to $25 million for its current quarter. Wall
Street analysts had forecast the company to earn 19 cents a share on revenue of
$35.2 million. On a conference call, Synchronoss Chief Executive Stephen Waldis
said the number of unlocked iPhones is significant, “and we expect this trend to
continue.”

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Technorati Tags: Apple, Chief Executive, Communications Software, Conference Call, Consumers, Iphone, Marketwatch, Money, Needham, San Francisco, Second Quarter, Shares, Sncr, Software Maker, Synchronoss Technologies Inc, Trend, Unlocked Iphones, Wall Street, Wall Street Analysts