Synopsys shares rise after hours on earnings, outlook beat

Synopsys Inc. SNPS, +0.80% shares rose in the extended session Wednesday after the software company’s quarterly results and outlook topped Wall Street estimates. Synopsys shares advanced 4.7% after hours, following a 0.8% gain to close the regular session at $94.67. The company reported fiscal third-quarter net income of $79.4 million, or 52 cents a share, compared with $116.6 million, or 75 cents a share, in the year-ago period. Adjusted earnings were 95 cents a share. Revenue rose to $779.7 million from $695.4 million in the year-ago period. Analysts surveyed by FactSet had estimated 92 cents a share on revenue of $773.6 million. For the fourth quarter, Synopsys estimates adjusted earnings of 76 cents to 80 cents a share on revenue of $774 million to $804 million. Analysts expect earnings of 71 cents a share on revenue of $764.1 million. On Wednesday, Synopsis shares finished up 11% on the year, ahead of the 7% advance on the S&P 500 index SPX, -0.04% but behind the 14% gain on the tech-heavy Nasdaq Composite Index COMP, +0.38%

Have breaking news sent to your inbox. Subscribe to MarketWatch's free Bulletin emails. Sign up here.

Source: Read Full Article