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Synacor (SYNC) Tops Q1 EPS by 4c; Raises Outlook on AT&T Deal

May 10, 2016 4:17 PM EDT
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Synacor (NASDAQ: SYNC) reported Q1 EPS of ($0.05), $0.04 better than the analyst estimate of ($0.09). Revenue for the quarter came in at $30.3 million versus the consensus estimate of $28.6 million.

“We begin 2016 with another successful quarter for Synacor - delivering significant year-over-year growth, expanding margins, and achieving several important milestones,” said Synacor CEO Himesh Bhise. “We are honored to have been selected from among the many contenders to provide AT&T with portal services. In addition, we continue to make strong progress in adding and renewing customers to our portal, advertising, email, and video platforms.”

“In less than two years, Synacor has undergone a massive transformation that has positioned us to compete effectively in several high-growth digital markets. Today, we have an enviable global customer base, a compelling and broad portfolio of products, and an advertising platform at scale. Our new contract win with AT&T is not only validation of our transformation, but is also an indicator and accelerator of our future growth and underpins our confidence to achieve our new long-term financial target of $300 million in revenue and $30 million in adjusted EBITDA in 2019,” Bhise continued.

GUIDANCE:

Synacor sees Q2 2016 revenue of $29-31 million, versus the consensus of $28.1 million.

As a result of its updated financial forecast and incremental revenue from the AT&T agreement, the company is raising its full year 2016 revenue guidance to $130-135 million, versus prior guidance of $125-130 million and the consensus of $128 million.

For earnings history and earnings-related data on Synacor (SYNC) click here.



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