Brief: Synchronoss Completes Post-Divestiture Cost Removals, Resulting In About $15 Mln In Annual Savings

Synchronoss Technologies

15/02/2024 13:46

Feb 15 (Reuters) - Synchronoss Technologies Inc
 SNCR.O :
    * SYNCHRONOSS SUCCESSFULLY COMPLETES POST-DIVESTITURE COST
REMOVALS, RESULTING IN APPROXIMATELY $15 MILLION IN ANNUAL
SAVINGS
    * FOR FY 2023 SEES MEETING OR EXCEEDING UPPER END OF REVENUE
GUIDANCE WITH EXPECTATIONS PREVIOUSLY SET BETWEEN $162 MILLION &
$164 MILLION
    * AS OF DECEMBER 31, 2023, SYNCHRONOSS HAD A STRENGTHENED
CASH
BALANCE OF $24.6 MILLION
    * SEES 2024 TOTAL REVENUE GROWTH BETWEEN 5% AND 8%
    * COST REDUCTIONS INCLUDED ELIMINATION OF APPROXIMATELY 12%
OF
EMPLOYEE-RELATED EXPENSES FROM REMAINING CLOUD BUSINESS

Source text for Eikon:  ID:nGNX1rdl71 
Further company coverage:  SNCR.O 

 ((Reuters.Briefs@thomsonreuters.com;))