Synacor (SYNC) Tops Q1 EPS by 1c; Revenues Beat; Provides Q2 Revenue Guidance Below Consensus, Affirms FY19 Revenue Outlook

Synacor (NASDAQ: SYNC) reported Q1 EPS of ($0.06), $0.01 better than the analyst estimate of ($0.07). Revenue for the quarter came in at $31.82 million versus the consensus estimate of $31.77 million.

• Company initiates segment reporting for its Software & Services and Portal & Advertising businesses
• Q1 2019 GAAP net loss of $2.2 million, adjusted net loss of $1.2 million; significantly improved from adjusted net loss of $2.4 million in Q1 2018
• Adjusted EBITDA of $1.7 million, up 179% from $0.6 million in the year-ago quarter
• Revenue of $31.8 million, in line with guidance; software revenue of $11.2 million grew 4.4% from the year-ago quarter
• 96 new customers and 184 contract expansions for Zimbra email and collaboration platform

“Our strong Q1 results reflect our continuing focus on profitability and software revenue,” said Himesh Bhise, Synacor’s chief executive officer. “Our total revenue was in line with expectations, while adjusted EBITDA exceeded guidance and was 179% higher than a year ago.”

“We have initiated segment reporting for software and advertising to provide greater investor visibility into how we are optimizing performance in each of these businesses, and to better reflect the overall strength of Synacor,” added Bhise.

GUIDANCE:

Synacor sees Q2 2019 revenue of $31-33 million, versus the consensus of $34.15 million.

Synacor sees FY2019 revenue of $137-145 million, versus the consensus of $142.01 million.

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

You May Also Be Interested In

• Tesla plans 'flying' Roadster stunt at SpaceX Texas site as early as August
• Reading (RDI) Tops Q2 EPS by 4c
• JD.com (JD) Reiterated at Buy by Benchmark Amid Earnings Recovery