Courtesy of Benzinga.
Synopsys Inc (NASDAQ: SNPS) reported 57% surge in its fiscal fourth-quarter profit and also agreed to buy Magma Design Automation Inc (NASDAQ: LAVA) for around $503 million, excluding assumed debt and cash.
Synopsys expects fiscal first-quarter profit of $0.51 to $0.53 per share on an adjusted basis on revenue of $412 million to $420 million. However, analysts were expecting a profit of $0.46 per share on revenue of $389 million.
Synopsys reported its quarterly profit at $39.9 million, or $0.27 per share, versus $25.4 million, or $0.17 per share, in the year-ago period. Excluding certain items, Synopsys earned $0.45 per share. Its revenue jumped 4% to $390.5 million. However, analysts were expecting earnings of $0.45 per share on revenue of $390 million.
Synopsys shares gained 1.54% to $28.40 in after-hours trading, while LAVA shares jumped 26.75% to $7.25 in after-hours trading.
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