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Synopsys posts quarterly income growth

Software company Synopsys Inc. reported higher net income for its fiscal second quarter.

Net income increased to $102.5 million, or 67 cents per share, in the quarter that ended April 30, from $53.3 million, or 34 cents per share, in the prior-year quarter.

The company's non-GAAP net income per share came in at $1.08, meeting the S&P Capital IQ consensus estimate.

Synopsis posted a year-over-year increase in total revenue to $776.8 million, from $680.1 million a year ago, primarily boosted by revenue from time-based products, which climbed to $556.8 million.

The company's total cost of revenue came in at $178.8 million, up from $162.0 million, with products contributing costs of $108.2 million.

Operating income climbed to $127.0 million from $53.6 million. Total operating expenses for the quarter rose to $471.0 million, from $464.4 million in 2017.

"We had an excellent fiscal second quarter, with strength across all geographies and product groups, and are raising our revenue and non-GAAP earnings per share guidance for the year," said Chairman and co-CEO Aart de Geus.

For full fiscal 2018, the company projects a revenue range of $3.07 billion to $3.10 billion and non-GAAP EPS between $3.76 and $3.83.