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The trend toward unlocking iPhones has cost at least one Apple partner dear - Synchronoss Technologies shares are collapsing as a result of the practise.

Synchronoss Technologies handles the activation for the iPhone in the US; but its business has failed to meet expectations, the company warned shareholders last night.

The root of the problem is that the company only gets paid when a user activates their iPhone, but will not receive a fee when an iPhone user unlocks the device for use on other networks.

Company CEO Stephen Waldis said the company had “materially lowered” its expectations for 2008 “due in part to reduced revenues associated with the iPhone.”

He explained that the “gap between the number of iPhones expected to be sold and the actual number that we are activating continues to be significant, and we expect this trend to continue.

“We currently expect our related transaction revenue from the iPhone to decline by approximately $30 million in 2008 compared to 2007.”

The company posted revenue of $29.1 million for its first financial quarter.

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