Synchronoss Technologies Q3 net income increases

Synchronoss Technologies, Inc., a provider of transaction management, cloud enablement and connectivity services, has reported that net income for the third quarter ended September 30, 2012 was $6.2 million, or $0.16 per diluted share, compared to $3.57 million, or $0.09 per diluted share for the third quarter ended September 30, 2011.

Net revenues for the third quarter ended September 30, 2012 were $68.96 million, compared to $59.24 million for the third quarter ended September 30, 2011.

Net income for the nine months ended September 30, 2012 was $23.63 million, or $0.60 per diluted share, compared to $6.92 million, or $0.22 per diluted share, for the nine months ended September 30, 2011.

Net revenues for the nine months ended September 30, 2012 were $200.51 million, compared to $166.93 million for the nine months ended September 30, 2011.

"The company's solid execution during the third quarter led to revenue and profitability that were consistent with our guidance," said Stephen Waldis, Founder and CEO of Synchronoss. "During the third quarter, we focused on the development of our cloud platform deployments with four of the largest mobile operators in the world. We believe we are at the early stages of significant long-term growth opportunities and are making great progress in establishing Synchronoss' mobile content management cloud platform as the de facto standard for Tier 1 carriers around the globe."