U.S. stock futures slip lower; Cook’s firing increases Fed independence worries
Synchronoss Technologies, Inc. (NASDAQ:SNCR) announced the results of its annual stockholders’ meeting held on Monday. The company, which specializes in cloud, messaging, digital, and IoT products and platforms, reported the election of directors and other proposals voted upon by security holders. The company, currently valued at approximately $77 million, has maintained impressive gross profit margins of 78% and generated revenue of $173 million in the last twelve months. According to InvestingPro analysis, the stock appears to be trading near its Fair Value.
During the annual meeting, three Class I directors were elected to serve until the 2028 annual meeting of stockholders. The elected directors are Laurie L. Harris and Jeffrey G. Miller, with votes for Harris at 5,087,321 and Miller receiving 5,519,587. Votes withheld were 803,487 for Harris and 371,221 for Miller. There were 2,464,948 broker non-votes for each director. These leadership decisions come at a crucial time as analysts expect the company to return to profitability this year, with InvestingPro data showing projected earnings per share of $1.22 for fiscal year 2025.
Additionally, the appointment of Ernst & Young LLP as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2025, was ratified. The proposal received 8,026,635 votes for, 311,989 against, and 17,132 abstentions.
Stockholders also approved, on a non-binding advisory basis, the compensation of the company’s named executive officers. The proposal garnered 5,351,496 votes for, 514,874 against, and 24,438 abstentions, with the same number of broker non-votes as the director elections.
The meeting had a quorum with approximately 72.66% of the total shares entitled to vote being represented in person or by proxy. The company’s proxy statement provided additional information on the proposals. The results of the meeting were signed off by Louis Ferraro, Chief Financial Officer of Synchronoss Technologies, and filed with the SEC as per regulatory requirements.
In other recent news, Synchronoss Technologies reported its Q1 2025 earnings, revealing a slight dip in revenue to $42.2 million from $43 million the previous year. Despite the decline, the company emphasized its strong recurring revenue, which accounted for 93.1% of total revenue, and noted operational efficiencies with a reduction in expenses by 11.5% year-over-year. Synchronoss also reported a net loss of $3.8 million, or $0.37 per share, but maintained its revenue guidance for the year, projecting between $170 million and $180 million. The company highlighted its strategic transformation into a cloud solutions provider and ongoing partnerships with major carriers like AT&T and Verizon (NYSE:VZ). Additionally, Synchronoss has refinanced its debt, extending maturity to 2029, which is expected to provide financial stability. In other developments, Synchronoss has been included in the Russell 2000 Index, enhancing its visibility within the investment community. This inclusion reflects the company’s growth potential and is considered a positive indicator of its financial health and investor interest.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.