Synchronoss (SNCR) Offers Support for Alibaba & Google Cloud

Zacks Equity Research

July 13, 2022 at 11:45 AM·3 min read

Synchronoss Technologies SNCR recently announced that its personal cloud and email have been certified on the Alibaba BABA cloud and Alphabet’s GOOGL Google cloud.

Synchronoss personal cloud and Email suite services are used by service providers globally to support more than 250 million subscribers.

As the company supports Alibaba and Google Cloud, this will enable service providers like Verizon and AT&T to extend their deployment across multi-cloud environments and geographies while ensuring content security, data sovereignty, compliance and optimizing cost.

The company is already certified by other major companies like Amazon’s AMZN AWS and Oracle OCI.

It has teamed up with Amazon previously to provide mobile operators with Amazon consumer services globally.

With strategic partnerships with companies like Alibaba, Amazon and Alphabet, Synchronoss is well-positioned to deliver products to customers throughout Asia and other continents, which in turn will drive the company’s cloud revenues.

Synchronoss Technologies, Inc. Price and Consensus

Synchronoss Technologies, Inc. price-consensus-chart | Synchronoss Technologies, Inc. Quote

Synchronoss’ Recent Collaboration to Drive Cloud Revenues

Synchronoss’ shares have been struggling lately as the company is facing intense selling pressure from traders. The current macro-economic situation and geopolitical tensions stemming from the Russia-Ukraine war, inflation, and recession in the U.S market have made investors increasingly wary about stocks in cyclical industries like tech.

Negative sentiments among investors are especially evident in the internet industry. The Zacks Internet Software industry has declined 63.1% in the year-to-date period, compared with Synchronoss’ fall of 62.7%.

To counter this situation, the company has been looking to grow its high-margin recurring revenues from the cloud business, which will impact the share price movement positively in the long run.

Although the pandemic and the Russia-Ukraine war have sent the global economy spiraling downward, it has triggered rapid adoption of certain Web 3.0 trends like IoT, hybrid cloud, 5G, bundled service offerings, fixed wireless access and total protection services, especially from cyber threats.

The rise of 5G and hybrid cloud services will benefit Synchronoss in the long run as it will enable the company to capture a sizeable portion of consumer revenues as network providers will need to use its personal cloud services to securely store data. Notably, the service is currently managing more than 142 petabytes of data.

As reported by the company during its first-quarter earnings call, the rise of 5G will create a market opportunity of $300 billion by 2025, and this will provide a significant opportunity for Synchronoss to capture prominent market share through strategic partnerships.

Due to rapid demand for private cloud and hybrid cloud services, Synchronoss has been expanding its global customer base. In the last reported quarter, the company was awarded contracts by the largest wireless carrier in Indonesia, Telkomsel, and Japanese multimedia retailer, Kitamura, thus expanding the company’s position in the Asia market.

The recent certification from Alibaba and Google will help the company to meet one of its operational priorities to grow its subscriber base from existing customers via combined offerings and cost optimization amid rising inflation.

Synchronoss currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

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Synchronoss Technologies, Inc. Price and Consensus

Synchronoss’ Recent Collaboration to Drive Cloud Revenues

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