Last Call: Syniverse Holdings soars on 1Q profit, outlook
NEW YORK—Shares of communications technology company Syniverse Holdings Inc. soared to a two-year high Wednesday on the company's first-quarter earnings and 2008 outlook.
The company's first-quarter profit of 37 cents per share was primarily driven by strength in messaging and mobile services. The results, which widely topped Wall Street expectations, also reflected international growth.
Wedbush Morgan Securities analyst Scott Sutherland said in an investor note that the guidance "surpasses our most bullish expectations".
He reiterated his "Strong Buy" rating on the shares and said the new guidance for 2008 revenue between $455 million and $465 million "remains conservative".
Shares shot up $4.48, or 26.9 percent, to $21.14 in afternoon trading after earlier hitting a year high of $21.34, their highest point since February 2006.
