Synopsys Shares Rise 11% on 1Q Results, Raised FY24 Outlook
By Denny Jacob
Synopsys shares rose 11% to $601.90 following higher quarterly results and a raised outlook for fiscal 2024.
The stock is on pace for a new all-time high and is currently the second best performer in the S&P 500 and Nasdaq 100.
The electronic design automation software provider posted higher net income and revenue in its fiscal first quarter. Its adjusted earnings per share were $3.56 in the quarter, above analysts' estimates of $3.43 a share.
For fiscal 2024, Synopsys raised its adjusted earnings per-share forecast to between $9.56 and $9.74 compared with its previous outlook in the range of $9.07 and $9.25.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
February 22, 2024 10:41 ET (15:41 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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