KUALA LUMPUR, Nov 5 -- Synchronoss Technologies Inc, a global leader and innovator in cloud, messaging, digital and IoT platforms and products has announced the financial results for its third quarter ended Sept 30.
“Thus far, 2019 has been an extremely active year for Synchronoss and our platforms are executing well with new customers, new partners and revenue in each,” said president and chief executive officer, Glenn Lurie.
The company also announced partnerships with leading companies in which embracing Synchronoss solutions to accelerate revenue growth, reduces costs and accelerates digital transformations, according to a statement.
“Many of these partnerships are success-based revenue-share models that are expected to drive meaningful and material revenue for the company in 2020 and beyond,” said Lurie.
Among the third quarter highlights excluded the non-recurring Sequential Technology International (STI) revenue write-down, revenue for the quarter would have been US$78.2 million. (US$1 = RM4.15)
In addition, the non-cash US$26 million write-down of STI’s accounts receivable balance, which is accounted for as a cumulative adjustment to prior revenue under the new lease accounting standards, resulted in GAAP revenue totaling US$52.2 million.
Synchronoss has also signed a new US-based Tier 1 cloud customer which is expected to launch the Synchronoss white label cloud service next year.
-- BERNAMA
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