Synopsys meets 3Q profit forecasts
MOUNTAIN VIEW, Calif. – MOUNTAIN VIEW, Calif. (AP) _ Synopsys Inc. (SNPS) on Wednesday reported fiscal third-quarter profit of $116.8 million.
On a per-share basis, the Mountain View, California-based company said it had net income of 75 cents. Earnings, adjusted for stock option expense and non-recurring costs, came to 92 cents per share.
The results met Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was also for earnings of 92 cents per share.
The maker of software used to test and develop chips posted revenue of $695.4 million in the period, which topped Street forecasts. Four analysts surveyed by Zacks expected $690.4 million.
For the current quarter ending in October, Synopsys expects its per-share earnings to range from 55 cents to 58 cents.
The company said it expects revenue in the range of $642 million to $657 million for the fiscal fourth quarter. Analysts surveyed by Zacks had expected revenue of $640.5 million.
Synopsys expects full-year earnings in the range of $3.29 to $3.32 per share, with revenue ranging from $2.67 billion to $2.69 billion.
Synopsys shares have risen 34 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $79.09, a rise of 42 percent in the last 12 months.
This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on SNPS at https://www.zacks.com/ap/SNPS
Keywords: Synopsys, Earnings Report