TAMPA, Fla.—Syniverse Holdings Inc. swung to a profit in the third quarter, but the news didn’t seem to satisfy the company’s investors, who sent Syniverse’s stock down more than 3 percent to $14.24 per share.
Syniverse reported a net income of $17.6 million, a reversal of the net loss of $300,000 the company reported during last year’s third quarter.
Revenues for the quarter totaled $93.6 million, up 1.8 percent from revenues of $91.9 million during the third quarter last year. Revenues beat the average analyst estimate of $90.66 million.
“We continued to make progress on our strategic plan in the third quarter,” said Tony Holcombe, president and chief executive officer of Syniverse. “We reinforced our leading global position in number portability by winning a contract with the Canadian carriers and began integrating Hong Kong-based ITHL, which was acquired in June. We continued to migrate Vodafone properties to our platform during the quarter. However, several properties have requested additional customization, delaying the migrations of these properties until the first quarter 2007.”
The company said it expects to report full-year revenues of between $328 million and $330 million. The numbers are slightly lower than the average analyst estimate of $335.6 million for the year.
