Synopsis (SNPS) beats estimates for FQ1 earnings, offers optimistic guidance

February 21, 2024 4:27 PM EST

Synopsis (NASDAQ: SNPS) reported better-than-expected earnings for the fiscal Q1 2024 and provided an upbeat outlook for the April quarter.

The company’s shares were slightly down in after-hours trading.

For FQ1, the electronic design automation company posted earnings per share (EPS) at $3.56, outperforming the analyst prediction of $3.43. Revenue came in at $1.65 billion, marking a 21% increase year over year and aligning with the consensus projection.

Looking into the April quarter, Synopsys forecasts its EPS to be between $3.09 and $3.14, surpassing the analyst expectation of $3.01.

Revenue is anticipated to land between $1.56 billion and $1.59 billion, also above the analysts' forecast of $1.55 billion.

"The Synopsys team delivered a solid start to the year, achieving record quarterly revenue and non-GAAP earnings above the high end of our target range," said Synopsys CFO, Shelagh Glaser.

"These results reflect our execution and leadership position across segments and continued, robust design activity among our semiconductor and systems customers.”

“Looking ahead, we are reaffirming our full-year 2024 targets for revenue and non-GAAP operating margin and raising our non-GAAP EPS guidance."

By Vahid Karaahmetovic

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