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Synopsys profit misses consensus by 47.2% in fiscal Q2

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Synopsys profit misses consensus by 47.2% in fiscal Q2

Synopsys, Inc. said its normalized net income for the fiscal second quarter ended April 30 came to 33 cents per share, compared with the S&P Capital IQ consensus estimate of 63 cents per share.

EPS rose 22.9% year over year from 27 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $52.4 million, a gain of 23.3% from $42.5 million in the year-earlier period.

The normalized profit margin climbed to 9.4% from 8.2% in the year-earlier period.

Total revenue increased 7.6% year over year to $557.2 million from $517.7 million, and total operating expenses rose 6.0% on an annual basis to $481.3 million from $453.9 million.

Reported net income declined 12.3% from the prior-year period to $55.1 million, or 35 cents per share, from $62.8 million, or 40 cents per share.