Synplicity down on guidance below the Street
Synplicity, Inc. (Nasdaq: SYNP) shares are down after the design software maker announced before the opening that its third-quarter net income fell to $1.5 million, or $0.05 per share, above analyst estimates of $0.04 per share and compared with $1.6 million, or $0.06 per share, a year earlier. The firm’s quarterly revenue was $19.4 million, beating Wall Street projections of $19.2 million and 19% above $16.3 million during the same period of 2006.
Going forward, the company said it expects fourth-quarter revenue in the range of $19 million to $20 million, compared with revenue of $20.36 million, and net income in the range of $0.02 to $0.05, below analyst estimates of $0.06 per share.
“I am pleased to report another great quarter at Synplicity with record revenue and operating income, excluding the effects of stock and amortization expenses,” CEO Gary Meyers said in a statement. “The integration of HARDI Electronics has been seamless and we are very pleased with the results to date.”
The firm’s cost of revenue rose to $2.18 million, from $0.76 million a year earlier.
In afternoon trading, shares of SYNP are down 8.43%, or $0.59, at $6.41. Over the last 52 weeks, shares have ranged from $5.70 to $7.16.
