{"id":49691,"date":"2023-08-17T14:40:59","date_gmt":"2023-08-17T18:40:59","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/synopsys-stock-rises-as-chip-design-companys-earnings-outlook-top-street-view\/"},"modified":"2023-08-17T14:41:02","modified_gmt":"2023-08-17T18:41:02","slug":"synopsys-stock-rises-as-chip-design-companys-earnings-outlook-top-street-view","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=49691","title":{"rendered":"Synopsys stock rises as chip-design company\u2019s earnings, outlook top Street view"},"content":{"rendered":"
\n

Synopsys Inc. shares rose in the extended session Wednesday after the chip-design verification and automation company topped Wall Street earnings expectations and named a new chief executive. <\/p>\n

Synopsys
\n SNPS,
\n +0.15%<\/bg-quote>
\n shares rose about 2% after hours, following a 2% decline in the regular session to close at $428.21. At Wednesday\u2019s close, shares are up 34% year to date, compared with a 15% gain by the S&P 500 index
\n SPX.<\/span>\n <\/p>\n

\n

Along with results, the company announced that Sassine Ghazi, the current president and chief operating officer, will succeed Chairman Aart de Geus as chief executive on Jan. 1, 2024. <\/p>\n

The company reported third-quarter net income of $336.3 million, or $2.17 a share, compared with $222.6 million, or $1.43 a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation expenses and other items, were $2.88 a share, compared with $2.10 a share in the year-ago period.<\/p>\n

Revenue rose to $1.49 billion from $1.25 billion in the year-ago quarter.<\/p>\n

Analysts surveyed by FactSet had forecast $2.74 a share on revenue of $1.48 billion.<\/p>\n

Synopsys forecast earnings of $3.01 to $3.06 a share on revenue of $1.56 billion to $1.6 billion for the fourth quarter, and $11.04 to $11.09 a share on revenue of $5.81 billion to $5.84 billion for the year.<\/p>\n

Analysts had estimated earnings of $2.91 a share on revenue of $1.57 billion for the fiscal fourth quarter, and $10.82 a share on revenue of $5.82 billion for the year.<\/p>\n

Back in March, Synopsys launched its suite of AI-driven chip-design verification, testing and manufacturing tools, Synopsis.ai.<\/p>\n

Also in March, Nvidia Corp.
\n NVDA,
\n -0.03%<\/bg-quote>
\n said that third-party foundry Taiwan Semiconductor Manufacturing Co.\u00a0
\n TSM,
\n -0.07%<\/bg-quote>
\n and Synopsys will be using its cuLitho software library that improves upon computational lithography, a process that allows for better resolution of etched transistors as they get smaller.<\/p>\n

On Monday, Synopsis announced a broader IP and electronic design automation partnership with Intel Corp.
\n INTC,
\n -2.25%<\/bg-quote>
\n On Wednesday, Intel announced it was no longer acquiring Tower Semiconductor Ltd.
\n TSEM,
\n +1.21%<\/bg-quote>
\n because it did not receive regulatory approvals for the deal on time. <\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Synopsys Inc. shares rose in the extended session Wednesday after the chip-design verification and automation company topped Wall Street earnings expectations and named a new chief executive. Synopsys SNPS, +0.15% shares rose about 2% after hours, following a 2% decline in the regular session to close at $428.21. At Wednesday\u2019s close, shares are up 34% […]<\/p>\n","protected":false},"author":1,"featured_media":49692,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-49691","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nSynopsys stock rises as chip-design company\u2019s earnings, outlook top Street view | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Synopsys Inc. shares rose in the extended session Wednesday after the chip-design verification and automation company topped Wall Street earnings\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=49691\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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