Technology company Synopsys, Inc. (NASDAQ: SNPS) reported an increase in profit for the second quarter of 2020. Earnings also came in above the market’s prediction, driving the company’s stock higher on Wednesday evening.
Second-quarter earnings, excluding special items, rose to $1.22 per share from $1.16 per share last year and topped the Street view. Net income was $109.9 million or $0.71 per share, compared to $118.2 million or $0.77 per share in the second quarter of 2019.
Total revenues rose to $861.3 million from $836.2 million a year earlier and surpassed analysts’ forecast by a wide margin.
Shares of Synopsis closed Wednesday’s regular trading higher and continued to gain during the after-hours session, following the announcement.
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