Synopsys Inc. posted a net loss of $3.7 million, or a 2 cents loss per share, in the first quarter of 2018, down from a net profit of $86.6 million, or 56 cents per share, in the year-ago quarter.

The software company's first-quarter results on GAAP basis included a one-time tax expense of about $119 million associated with the Tax Cuts and Jobs Act of 2017.

On non-GAAP basis, net income was $169.6 million, or $1.10 per share, up from $145.1 million, or 94 cents per share.

Total revenue was $769.4 million, up from $652.8 million in the year-ago quarter. Operating income also rose to $107.7 million, from $96.9 million previously.

Target revenue for the second quarter ending April 30 will range from $765 million to $790 million. Target earnings per share will range from 69 to 77 cents on GAAP basis.

Revenue target for fiscal year 2018 will range from $2.92 billion to $2.95 billion with EPS to range from $1.59 to $1.69 on GAAP basis.