U.S. Markets close in 6 hrs 19 mins

Synopsys: Fiscal 2Q Earnings Snapshot

MOUNTAIN VIEW, Calif. (AP) _ Synopsys Inc. (SNPS) on Wednesday reported fiscal second-quarter net income of $109.9 million.

On a per-share basis, the Mountain View, California-based company said it had net income of 71 cents. Earnings, adjusted for stock option expense and non-recurring costs, came to $1.22 per share.

The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 99 cents per share.

The maker of software used to test and develop chips posted revenue of $861.3 million in the period, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $836.9 million.

For the current quarter ending in August, Synopsys expects its per-share earnings to range from $1.33 to $1.38. Analysts surveyed by Zacks had forecast adjusted earnings per share of $1.42.

The company said it expects revenue in the range of $875 million to $905 million for the fiscal third quarter. Analysts surveyed by Zacks had expected revenue of $931.8 million.

Synopsys expects full-year earnings in the range of $5.21 to $5.28 per share, with revenue ranging from $3.6 billion to $3.65 billion.

Synopsys shares have increased 19% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $165.47, a climb of 44% in the last 12 months.

_____

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