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Synopsys profit misses consensus by 56.9% in fiscal Q3

Synopsys, Inc. said its normalized net income for the fiscal third quarter ended July 31 amounted to 26 cents per share, compared with the S&P Capital IQ consensus estimate of 59 cents per share.

EPS declined 8.8% year over year from 28 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $40.6 million, a decrease of 8.2% from $44.2 million in the year-earlier period.

The normalized profit margin declined to 7.3% from 8.5% in the year-earlier period.

Total revenue climbed 6.5% on an annual basis to $555.8 million from $521.8 million, and total operating expenses grew 8.8% from the prior-year period to $494.6 million from $454.6 million.

Reported net income declined 16.2% from the prior-year period to $55.5 million, or 35 cents per share, from $66.2 million, or 42 cents per share.