May 6, 2008 / 10:09 PM / 10 years ago

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, 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) 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) 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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