Synopsys 1Q Revenue Surges Higher, Raises FY24 Adjusted EPS Forecast
By Denny Jacob
Synopsys posted higher revenue in its latest quarter as artificial intelligence led its customers to further investment in areas like silicon.
The electronic design automation software provider recorded net income of $449.1 million, or $2.89 a share, for the fiscal first quarter ended Jan. 31, up from $271.5 million, or $1.75 a share, a year earlier. Adjusted earnings were $3.56 a share, above analysts' estimates of $3.43 a share in adjusted earnings.
Revenue climbed to $1.65 billion from $1.36 billion, matching estimates of analysts polled by FactSet.
Chief Executive Sassine Ghazi said the results were a mark of artificial intelligence continuing to drive customers' investments in silicon and systems that position them for future growth.
For fiscal 2024, Synopsys raised its adjusted earnings per-share forecast to between $9.56 and $9.74 compared to its previous outlook in the range of $9.07 and $9.25.
Synopsys' results come weeks after it agreed to acquire Ansys in a $35 billion cash-and-stock deal that would expand the company's reach in simulation software for designers of microchips, cars and airplanes.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
February 21, 2024 16:41 ET (21:41 GMT)
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