Why Synopsys Stock Jumped on Thursday
Shares of semiconductor design and testing software company Synopsys (NASDAQ: SNPS) popped on Thursday. The tech stock rose as much as 11.2%. As of 10:45 a.m. ET today, the stock was up 9.9%.
The stock's sharp increase was due primarily to Synopsys' fiscal second-quarter earnings report, which featured better-than-expected revenue and adjusted earnings per share as well as a strong outlook.
Fiscal second-quarter revenue of $1.279 billion was up from $1.024 billion in the year-ago period, beating analysts' average forecast for revenue of $1.260 billion. Adjusted earnings per share of $2.50 improved from $1.70 in the year-ago period. The consensus forecast for this key profitability metric was $2.37.
Source Fool.com
