December 2, 2009 / 9:56 PM / 10 years ago

UPDATE 1-Synopsys forecasts weak first quarter; shares down

* Q4 adj EPS $0.33 vs est $0.32

* Q4 rev $338.3 mln vs est $339.4 mln

* Sees Q1 results below Street

* Shares down 9 pct

Dec 2 (Reuters) - Chip design software maker Synopsys Inc (SNPS.O) posted a steep drop in quarterly profit and gave a cloudy forecast for the first quarter and the full year, sending its shares down 9 percent in extended trading.

For the first quarter, the company expects adjusted earnings of 38 cents to 40 cents a share, on revenue of $325 million to $333 million. [ID:nWNAB1537]

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.

Late October, the company’s biggest rival in the electronic design automation market, Cadence Design Systems Inc (CDNS.O), posted a surprise quarterly profit driven by lower expenses.

Shares of the Mountain View, California-based company were down $1.87 at $20.65 in trading after the bell. The shares closed at $22.52 Wednesday on Nasdaq. (Reporting by Sudipto Ganguly in Bangalore; Editing by Saumyadeb Chakrabarty)

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