NEW YORK (TheStreet) -- Synchronoss Technologies (SNCR - Get Report) stock is plunging 6.25% to $28.07 on heavy trading volume Wednesday afternoon after the company set its full year 2016 earnings guidance below analysts' estimates.
The Bridgewater, NJ-based mobile cloud and software company expects to deliver earnings of $2.22 to $2.45 per share this year, below estimates of $2.51 per share.
Revenue guidance was set at $655 million to $680 million for 2016, in line with estimates of $679.31 million.
Additionally, before the market open this morning, Synchronoss Technologies posted earnings of 61 cents per share for the 2015 fourth quarter, beating estimates by 4 cents.
Revenue increased 21% year-over-year to $157.8 million for the latest quarter, surpassing expectations of $155.33 million.
So far today, 2.39 million shares of Synchronoss Technologies have exchanged hands, compared with its average daily volume of 364,281 shares.
Separately, Synchronoss Technologies has a "buy" rating and a letter grade of B- at TheStreet Ratings because of the company's robust revenue growth, largely solid financial position, increase in net income, reasonable valuation levels and expanding profit margins.
You can view the full analysis from the report here: SNCR
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.SNCR data by YCharts