Synopsys tops Street 1Q forecasts

Synopsys posts 1Q profit, results beat Wall Street forecasts

MOUNTAIN VIEW, Calif. (AP) _ Synopsys Inc. (SNPS) on Wednesday reported fiscal first-quarter profit of $86.6 million.

On a per-share basis, the Mountain View, California-based company said it had net income of 56 cents. Earnings, adjusted for non-recurring costs and stock option expense, came to 94 cents per share.

The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 78 cents per share.

The maker of software used to test and develop chips posted revenue of $652.8 million in the period, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $637.7 million.

For the current quarter ending in May, Synopsys expects its per-share earnings to range from 85 cents to 88 cents.

The company said it expects revenue in the range of $665 million to $680 million for the fiscal second quarter. Analysts surveyed by Zacks had expected revenue of $638.4 million.

Synopsys expects full-year earnings in the range of $3.21 to $3.26 per share, with revenue ranging from $2.58 billion to $2.61 billion.

Synopsys shares have increased 13 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $66.26, a rise of 54 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SNPS at https://www.zacks.com/ap/SNPS

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Keywords: Synopsys, Earnings Report

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