Synchronoss (SNCR) between the lines?

They're spending a lot of time de-emphasizing the growth at AT&T and talking about their other businesses, calling this a transition year, saying non-AT&T programs will be 40% of business exiting 2008. I wonder if they're suggesting their AT&T business is going to fall off a cliff. It was 72% of revenues in the current quarter. There has been speculation that the new iPhone revision 3G will be sold unlocked -- that you'll be able to use it with any carrier. That could lead to lower activation assumptions from AT&T on their part.

The stock has quickly collapsed to $17 from a close of $23 so clearly I'm not the only one reading between the lines.