SUNNYVALE, Calif. (AP) — SUNNYVALE, Calif. (AP) — Synopsys Inc. (SNPS) on Wednesday reported fiscal first-quarter net income of $65 million.
The Sunnyvale, California-based company said it had profit of 34 cents per share. Earnings, adjusted for one-time gains and costs, were $3.77 per share.
The results surpassed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $3.57 per share.
The maker of software used to test and develop chips posted revenue of $2.41 billion in the period, also beating Street forecasts. Seven analysts surveyed by Zacks expected $2.39 billion.
For the current quarter ending in April, Synopsys expects its per-share earnings to range from $3.11 to $3.17.
The company said it expects revenue in the range of $2.23 billion to $2.28 billion for the fiscal second quarter.
Synopsys expects full-year earnings in the range of $14.38 to $14.46 per share, with revenue ranging from $9.56 billion to $9.66 billion.
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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