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Jun 30, 2020
Synchronoss Q2 2020 Earnings Report
Reported revenue of $76.5 million and adjusted EBITDA of $11.5 million.
Key Takeaways
Synchronoss Technologies announced its Q2 2020 results, with a revenue of $76.5 million and adjusted EBITDA of $11.5 million. The company also announced the renewal of the Verizon contract. The company's cost cutting efforts are on track to deliver $45 million of in-year savings and $55 million of annualized savings.
Revenue was $76.5 million, compared to $77.8 million in the second quarter of 2019.
GAAP net loss for the quarter was $10.15 million, or 24 cents per share.
Non-GAAP net income from continuing operations attributable to Synchronoss was $6.6 million or 16 cents per share.
Adjusted EBITDA was $11.5 million compared to $8.7 million in the second quarter of 2019.
Synchronoss
Synchronoss
Forward Guidance
The company now expects Adjusted EBITDA for the year of $20-$25 million.