Aug. 12, 2014, 6:20 PM
- Synacor (NASDAQ:SYNC) expects Q3 revenue of $25M-$26M vs. a $25.3M consensus. Full-year guidance is for revenue of $100M-$103M vs. a $102.6M consensus.
- Q2 adjusted EBITDA was -$1.2M. Synacor has cut its full-year adjusted EBITDA guidance to -$2.5M to -$1M from $2M-$5M.
- Search/display ad revenue -14% Y/Y to $18.5M. Subscription revenue +8% to $5.7M. Unique visitors fell to 17.9M from 19.7M in Q1, search queries to 130M from 154M. Ad impressions grew to 8.9B from 8.6B.
- GAAP costs/expenses +5% Y/Y to $27.6M. Synacor ended Q2 with $25.7M in cash, down from $33M at the end of Q1.
- Q2 results, PR
Aug. 12, 2014, 4:07 PM
Aug. 11, 2014, 5:35 PM
Aug. 4, 2014, 5:43 PM
- Himesh Bhise, formerly the head of Comcast's New Services & Platforms unit, has been named Synacor's (NASDAQ:SYNC) CEO. Bhise is also joining Synacor's board.
- Bhise's predecessor, Rob Frankel, announced plans to step down in March once a successor was found. Frankel will remain on the board, and continue to "serve as a company advisor."
- No word yet on how activists JEC Capital and Ratio Capital feel about the hiring. Synacor's Q2 report arrives on Aug. 12.
Jul. 15, 2014, 11:21 AM
- Synacor's (SYNC -0.8%) board has adopted a "stockholder rights plan" under which the company is declaring "a dividend distribution of one preferred share purchase right on each outstanding share of the Company's common stock."
- The move comes after JEC Capital and Ratio Capital disclosed a combined 9.8% stake, and urged Synacor to put itself on sale. Unsurprisingly, Synacor has rejected their calls.
Jun. 27, 2014, 1:25 PM
- In response to an open letter from activists JEC Capital and Ratio Capital calling for Synacor (SYNC -3.7%) to put itself on sale, the company says it remains focused on "strategic priorities" that include developing new mobile, personalized homepage, TV Everywhere, and cloud authentication solutions.
- Synacor jumped on June 17 after JEC and Ratio disclosed a 9.8% combined stake in a joint 13D, and stated they plan to talk with Synacor's board about several issues.
Jun. 17, 2014, 3:58 PM
- JEC Capital (a well-known activist) and Ratio Capital have jointly filed a 13D in which they declare a 9.8% combined stake in Synacor (SYNC +5.6%), and state they plan to talk with the board about "the ongoing search for a new [CEO], the strategic direction and prospects of the Corporation, and the capital structure of the Corporation."
- Shares have popped after closing yesterday near a 52-week low of $2.12. The TV Everywhere software provider still trades at a small fraction of its 2012 highs.
May. 13, 2014, 4:05 PM
May. 12, 2014, 5:35 PM
Mar. 5, 2014, 5:47 PM
Mar. 5, 2014, 4:21 PM
- Ron Frankel, Synacor's (SYNC) CEO since 2001, will step down once a successor is found. He'll remain on the company's board and "continue as an advisor."
- Synacor expects Q1 revenue of $24M-$25M (below a $28.3M consensus) and adjusted EBITDA of -$0.7M to -$1.2M. Full-year guidance is for revenue of $100M-$105M (below a $119.4M consensus) and adjusted EBITDA of $2M-$5M (down from a 2013 level of $6.5M).
- The TV everywhere software provider is launching a $5M buyback, good for repurchasing 6% of shares at current levels.
- Q4 average monthly unique visitors fell by 300K Y/Y to 20M. Search queries -30% to 158M, ad impressions -17% to 9.7M.
- SYNC +1.8% AH. Q4 results, PR.
Mar. 5, 2014, 4:07 PM
Mar. 5, 2014, 12:10 AM
Mar. 4, 2014, 6:38 PM
- Verizon (VZ) CEO Lowell McAdam says he has personally talked with CEOs of major content providers about offering FiOS video content nationwide, and over both broadband and mobile networks.
- The comments come six weeks after Verizon struck a deal to buy the assets of Intel's stillborn Web TV unit, and shortly after Dish reached a deal with Disney that gives it the right to offer Disney channels as part of a separate streaming service.
- There were reports at the time of the Intel deal that Verizon wanted to use the assets to offer online TV services in areas not covered by FiOS.
- Intel's efforts were thwarted by stalled licensing talks and the opposition of incumbent pay-TV providers such as Time Warner Cable. Verizon, already a major client of media giants (via FiOS), might have more leverage.
- If Verizon's effort gets off the ground, it could benefit Synacor (SYNC), whose software powers FiOS' existing TV Everywhere services.
Mar. 4, 2014, 5:35 PM
Feb. 13, 2014, 11:56 AM
- The investors clearly have their doubts regulators will approve a Comcast/Time Warner Cable merger, cable infrastructure/set-top vendor Arris (ARRS +4.9%) and TV Everywhere software provider Synacor (SYNC +3.4%) are both rallying on hopes a post-merger Comcast will direct more capex their way.
- Jefferies calls a Comcast/TWC deal a "very positive event" for Arris, given the company's strong relationship with Comcast, its relatively low set-top/infrastructure share at TWC, and the potential for Comcast to ramp capex after the deal closes.
- Arris, which reports in six days, rallied yesterday thanks to a Brean PT hike, but gave up its gains following a Bloomberg report stating an Apple TV set-top supporting pay-TV content is on tap, and that talks are ongoing with TWC.
- Jefferies declares itself unconcerned about Apple's impact on Arris, arguing it isn't clear Apple's box will fully replace a traditional set-top and that Comcast remains committed to its X1 platform.
- Arris is gaining even though rival Cisco has reported a 20% Y/Y drop in service provider video orders, thanks largely to plunging set-top sales. Cisco says it has been walking away from some low-margin set-top deals.
SYNC vs. ETF Alternatives
Synacor Inctogether with its subsidiaries is engaged in providing start experiences, video solutions, identity management, and cloud-based services across multiple devices for cable, satellite, telecom and consumer electronics companies.
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