Synopsys: Fiscal Q1 Earnings Snapshot

SUNNYVALE, Calif. (AP) — SUNNYVALE, Calif. (AP) — Synopsys Inc. (SNPS) on Wednesday reported fiscal first-quarter profit of $449.1 million.

The Sunnyvale, California-based company said it had net income of $2.89 per share. Earnings, adjusted for one-time gains and costs, came to $3.56 per share.

The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $3.43 per share.

The maker of software used to test and develop chips posted revenue of $1.65 billion in the period, matching Street forecasts.

For the current quarter ending in April, Synopsys expects its per-share earnings to range from $3.09 to $3.14.

The company said it expects revenue in the range of $1.56 billion to $1.59 billion for the fiscal second quarter.

Synopsys expects full-year earnings in the range of $13.47 to $13.55 per share, with revenue ranging from $6.57 billion to $6.63 billion.

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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