What: Shares of Synchronoss Technologies (SNCR 4.60%) slumped for a second day on Thursday following the company's fourth-quarter earnings report. On Wednesday, shares plunged by about 10%, driven by disappointing guidance for the first quarter. Soon after the market opened on Thursday, the stock fell another 24%, carving out a new 52-week low. At 11 a.m. ET Thursday, it had regained some ground, down just 12.5%.

So what: Synchronoss managed to beat analyst estimates for both revenue and earnings during the fourth quarter, posting 20.7% year-over-year revenue growth and a sizable jump in non-GAAP profits. However, the company guided for first-quarter revenue in a range of $142 million to $147 million, well below analyst expectations of $156.3 million. Non-GAAP EPS guidance also came up short, with a range of $0.44 to $0.50 missing expectations of $0.55.

Synchronoss did catch an analyst downgrade on Thursday, which could be contributing to the decline in the stock price. Stifel Nicolaus lowered its rating on Synchronoss from "buy" to "hold," citing concerns that the quality of the company's cloud revenue is lower than it appears. It believes that Synchronoss' joint venture with Verizon contributed at least $18 million in one-time cloud revenue, boosting the company's results during the fourth quarter.

Now what: It's been a rough couple of days for Synchronoss shareholders, with disappointing guidance and an analyst downgrade weighing on the stock. In the long run, CEO Stephen Waldis expects new initiatives to lead to growth, but at the moment, the market is focused on the short-term problems facing the company.