Synchronoss to buy back $25 million of its shares
BRIDGEWATER, N.J.—Synchronoss Technologies Inc., which makes software for communication service providers, said Tuesday its board approved a plan to buy back $25 million in stock.
As of Feb. 15, the company had about 32.7 million outstanding shares, according to a regulatory filing.
Separately, Synchronoss reported its first-quarter results and said it "materially" lowered its 2008 growth expectations as it expects its largest customer to contribute less to total sales.
Shares tumbled $10.08, or 44 percent, to $12.82 in after-hours electronic trading. The stock earlier closed down 5 cents at $22.90. Shares have traded in a 52-week range of $15.15 to $48.03.
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