(RTTNews) - Synopsys Inc. (SNPS) is on the rise during Wednesday's after-hours trading following the release of quarterly results. At 4:42 pm ET the stock is trading at $16.40 up $1.31 from Wednesday's close.
With the advance, the stock stands to open at its highest level since mid-November.
The company reported fourth quarter GAAP net income of $46.4 million or $0.32 per share, compared to $41.0 million or $0.27 per share in the year-ago quarter.
On a non-GAAP basis, net income was $62.7 million or $0.43 per share, compared to $60.0 million or $0.40 per share in the previous year quarter.
For the fourth quarter, Synopsys reported revenue of $352.8 million, an 11.9% increase compared to $315.2 million in the fourth quarter of fiscal 2007.
Analysts polled by First Call/Thomson Financial expected the company to earn $0.38 per share for the quarter on revenue of $351.13 million.
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