MOUNTAIN VIEW, Calif. (AP) — MOUNTAIN VIEW, Calif. (AP) — Synopsys Inc. (SNPS) on Wednesday reported fiscal first-quarter profit of $271.5 million.
The Mountain View, California-based company said it had net income of $1.75 per share. Earnings, adjusted for stock option expense and non-recurring costs, came to $2.62 per share.
The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $2.50 per share.
The maker of software used to test and develop chips posted revenue of $1.36 billion in the period, also beating Street forecasts. Five analysts surveyed by Zacks expected $1.35 billion.
For the current quarter ending in April, Synopsys expects its per-share earnings to range from $2.45 to $2.50. Analysts surveyed by Zacks had forecast adjusted earnings per share of $1.73.
The company said it expects revenue in the range of $1.36 billion to $1.39 billion for the fiscal second quarter. Analysts surveyed by Zacks had expected revenue of $1.23 billion.
Synopsys expects full-year earnings in the range of $10.53 to $10.60 per share, with revenue ranging from $5.78 billion to $5.83 billion.
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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