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Synopsys 3Q net income drops 17 percent

Wed, 08/18/2010 - 2:06pm
The Associated Press

MOUNTAIN VIEW, Calif. (AP) — Chip testing and development software maker Synopsys Inc. said Wednesday that its fiscal third-quarter net income fell 17 percent as revenue slipped and expenses edged up.

The company reported net income of $39.3 million, or 26 cents per share, in the three months ending July 31. It made $47.4 million, or 32 cents per share, in the year-ago quarter.

After adjusting for factors including tax settlements and stock compensation, the company earned $58.2 million, or 39 cents per share.

Revenue dipped 2 percent to $336.9 million from $345.2 million on lower upfront licensing and maintenance results. Operating expenses crept up to $219 million from $214 million.

Analysts polled by Thomson Reuters expected earnings of 38 cents per share on revenue of $335.5 million.

For the 2010 fiscal year, Synopsys expects earnings per share between $1.61 and $1.67 and revenue between $1.35 billion and $1.36 billion.

Analysts foresee earnings of $1.58 per share on revenue of $1.35 billion.

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