UPDATE 1-Synchronoss Q1 net profit drops 51 pct

* Q1 earnings of 7 cents miss estimates by a cent

* Q1 revenue beats Street view

* Says bags deals with two large smart phone makers

May 6 (Reuters) - Communication software maker Synchronoss Technologies Inc (SNCR.O) reported a 51 percent drop in first-quarter profit, but said it had bagged deals with two large smartphone makers.

Shares of the company were up 5 percent in trading after the bell. They had closed at $13.31 Wednesday on Nasdaq.

The company, which had lost a deal to supply activation software for Apple's iPhones last year, earned $2.1 million, or 7 cents a share, compared with $4.3 million, or 13 cents a share, in the year-ago period.

Revenue rose about 1.7 percent to $29.6 million for the period.

Analysts were expecting the company to earn 8 cents a share on sales of $28.70, according to Reuters Estimates.

Revenue from AT&T, with which the company had the iPhone deal, dropped by 9 percentage points to 63 percent of the overall revenue.