Why Synchronoss Stock Plunged Today

Shares of Synchronoss Technologies (NASDAQ: SNCR) have plunged today, down by 20% as of 12:15 p.m. EST, after the company reported third-quarter earnings. The results badly missed the market's expectations.

Revenue in the third quarter was $78.2 million on an adjusted basis after excluding the impact of a writedown. Approximately $26 million of accounts receivable was written down since it was deemed uncollectible. Analysts were modeling for $86.9 million in sales. That all translated into an adjusted net loss per share of $0.62, significantly worse than the $0.40 per share in red ink that investors were expecting.

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Source Fool.com