Synopsis Shares Slide After In-line Quarterly Earnings

Synopsys Inc. shares declined in the extended session Wednesday even after the software company's quarterly results fell within Wall Street expectations and its outlook was slightly above the consensus view. Synopsys shares fell 3.2% to $76.56 after hours. The company reported fiscal third-quarter net income of $116.6 million, or 75 cents a share, compared to $64.7 million, or 42 cents a share, in the year-ago period. Adjusted earnings were 92 cents a share. Revenue rose to $695.4 million from $615.2 million in the year-ago period. Analysts surveyed by FactSet had estimated 92 cents a share on revenue of $691.2 million. For the fiscal fourth quarter, Synopsys estimates adjusted earnings of 55 cents to 58 cents a share on revenue of $642 million to $657 million. Analysts expect earnings of 55 cents a share on revenue of $639.8 million.