Stock Market News - Synopsys (NASDAQ:SNPS) Shares Open Lower Sharply

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Synopsys, Inc. (NASDAQ:SNPS) fell 5.50% to $21.21 after it posted a steep drop in quarterly profit and gave a cloudy forecast for the first quarter and the full year.

or the first quarter, the company expects adjusted earnings of 38 cents to 40 cents a share, on revenue of $325 million to $333 million.

Analysts were expecting earnings of 41 cents a share, on revenue of $332.8 million for the period, according to Thomson Reuters I/B/E/S.

Net income for the fourth quarter was $19.5 million, or 13 cents a share, compared to $46.4 million, or 32 cents a share, in the year-ago period. Excluding certain items, the company earned 33 cents a share.

Revenue fell about 4 percent to $338.3 million.

Analysts had expected a profit of 32 cents a share, on revenue of $339.4 million.

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