UPDATE 1-Synchronoss Q1 profit misses Street, sees weak Q2
(Recasts; adds details, conference call details, share movement) May 6 (Reuters) - Synchronoss Technologies Inc (SNCR.O: Cotización), which provides software to communications companies, posted a lower-than-expected quarterly profit and forecast a weak second quarter, sending its shares crashing 45 percent.
CEO Stephen Waldis said the company lowered its growth expectations for 2008 due to reduced revenues associated with Apple Inc's (AAPL.O: Cotización) iPhone.
In a conference call, the company forecast earnings of 10 cents a share to 11 cents, excluding items, on revenue of $24 million to $25 million for the second quarter.
Analysts on average were expecting earnings of 19 cents a share, before special items, on revenue of $35.2 million, according to Reuters Estimates.
For the first quarter, the company earned $4.3 million, or 13 cents a share, compared with $3.7 million, or 11 cents a share, last year. Revenue rose 36 percent to $29.1 million.
Analysts on average expected the company to earn 16 cents a share on revenue of $31.2 million.
Business related to AT&T Inc (T.N: Cotización) was about $21 million in the quarter, representing 72 percent of the total revenue, Synchronoss said in a statement.
AT&T is the exclusive U.S. carrier for Apple's iPhone.
Synchronoss shares were down $10.40 at $12.50 in trading after the bell. They closed at $22.90 Tuesday on Nasdaq. (Reporting by Supantha Mukherjee in Bangalore; Editing by Himani Sarkar)
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