Synchronoss Technologies Reports Strong Q3 2024 Results, Highlighted by Cloud Platform Growth [Video]

Synchronoss Technologies CEO Jeff Miller joined Steve Darling from Proactive to provide an update on the company’s third-quarter results for 2024. A leader in personal Cloud solutions, Synchronoss helps service providers build secure connections with subscribers through its advanced SaaS Cloud platform. The platform simplifies subscriber onboarding and fosters engagement, leading to increased revenue, reduced costs, and quicker time-to-market for service providers.

For the third quarter, Synchronoss reported a revenue increase to $43.0 million, up from $39.8 million in the same period last year, primarily driven by 5.1% cloud subscriber growth. Notably, recurring revenue made up 92.2% of the total, compared to 89.5% last year. The company’s gross profit rose by 14.3% to reach $29.9 million.

The company’s cash position remained strong, with $25.2 million as of September 30, 2024, compared to $23.6 million at the end of Q2. Synchronoss also highlighted a three-year contract extension with SFR, a significant client with 27 million subscribers, which will continue offering the Synchronoss Personal Cloud storage platform. The latest Cloud platform enhancements feature AI-driven upgrades such as “Memories,” one-click AI-Enhanced Genius editing, improved backup functionalities, and auto-scaling for improved financial and operational efficiencies.
Looking forward, Synchronoss anticipates receiving approximately $28 million in U.S. federal tax refunds plus interest in 2025.

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