What happened
Shares of Synchronoss Technologies (SNCR +0.00%) rose as much as 21.4% on Thursday before settling down to a milder 14% gain as of 3:30 p.m. EDT.
So what
The company staged a financial presentation to its lenders this morning, according to SEC filings. Analysts stepped away from that slide deck with a newfound appreciation of the company's fiscal future, mainly because the recent loss of some business from telecom giants AT&T (T +0.65%) and Verizon Communications (VZ +0.46%) apparently won't cause much damage to Synchronoss' top and bottom lines, after all.
Image source: Getty Images.
Now what
Both Verizon and AT&T remain important clients for Synchronoss, even after scaling back their Synchronoss orders in recent quarters. The mobile messaging and security specialist is making up for that lost revenue by landing several large orders not marked Big Red or Ma Bell, and both companies are actually still growing their Synchronoss business, anyhow.
The recently installed management team hopes to refocus the company around its high-margin cloud and security services soon enough. Even after today's strong bounce, the stock has lost 68% of its value so far in 2017 and could use some good news.
