Synchronoss Technologies Inc (NASDAQ
NCR) delivered a solid first quarter, driven by cloud subscriber growth, high recurring revenue, improved margins, and strong operational execution The personal cloud software provider reported first-quarter results in line with its expectations on Tuesday and said it had completed a $200 million refinancing that strengthens its balance sheet. During the quarter ended March 31, Synchronoss posted revenue of $42.2 million, slightly down from $43 million a year earlier, as the expiration of a customer contract offset a 3.3% increase in cloud subscribers.
