Syniverse Holdings Inc. said its revenues and profit grew during the first quarter, news that sent the company’s stock skyrocketing by 20 percent to $12.38 per share.
The company said its revenues increased 11.9 percent to $84.4 million for the first quarter from revenues of $75.4 million reported during last year’s first quarter. Analysts had predicted the company would report revenues of $78.7 million.
The company’s net income for the quarter totaled $7.6 million, more than double net income of $3.6 million the company reported during the first quarter of 2006.
“Syniverse continued to make key strategic progress in the first quarter coupled with strong financial performance,” said Tony Holcombe, president and CEO of Syniverse. “We continued to see increases in our data products and the expansion of our services globally. The competitive environment in North America remains intense, but Syniverse is responding through efforts to lower our costs and increase the differentiation of our product offerings.”
The company reiterated its current outlook for 2007, which calls for revenues of between $325 million and $335 million.
Wall Street lively on Syniverse’s earnings
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