Synopsys 3Q net income drops 17 percent
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.