Synopsys stock falls as 1Q outlook disappoints

Synopsys stock slides as software maker's outlook for current quarter is short of Street view

Associated Press

NEW YORK (AP) -- NEWS: Shares of software maker Synopsys fell in after-hours trading Wednesday after its outlook for the current quarter fell short of Wall Street expectations.

NUMBERS: Synopsys said its net income increased to $56.9 million, or 36 cents per share, in the fiscal fourth quarter that ended on Oct. 31, from $29.1 million, or 19 cents per share, in the same period last year.

Excluding one-time items, profit came to 56 cents per share, a penny more than analysts polled by FactSet expected. Revenue rose 11 percent to $504.9 million, below Wall Street's $507.6 million prediction.

FUTURE: The Mountain View, Calif., company predicted adjusted earnings of 51 cents to 53 cents per share on revenue of $475 million to $485 million for the current quarter. Analysts expected earnings of 63 cents per share on revenue of $509.4 million.

For the year, Synopsys forecast adjusted earnings of $2.55 to $2.60 per share and $2.06 billion to $2.09 billion in revenue. Analysts expect net income of $2.56 per share and $2.1 billion in revenue.

STOCK: Synopsys Inc. stock dipped 17 cents to close at $36.50 Wednesday, and shed $1.61, or 4.4 percent, to $34.89 in aftermarket trading.

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