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Wireless

Synchronoss losses widen after writedown of STI accounts receivable

Tuesday 5 November 2019 | 15:12 CET | News
The non-cash USD 26.0 million write-down of STI's accounts receivable balance is accounted for as a cumulative adjustment to prior revenue under the new lease accounting standards. This resulted in revenues of USD 52.2 million for Synchronoss in Q3, down from 83.3 million a year ago. Going forward, only cash payments from STI will be counted as revenue, and these are estimated at USD 2.5-3 million per quarter.

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Categories: Mobile & Wireless
Companies: Synchronoss Technologies
Countries: World
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