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Synopsys Inc. (SNPS) reported strong third-quarter results after Wednesday's closing bell, but the market didn't seem impressed. Shares slipped in extended trading, even as the company beat on both the top and bottom lines.
Here's a quick breakdown of the numbers that mattered.
The chip design software maker posted quarterly earnings of $3.91 per share, beating the analyst consensus estimate of $3.67 by 6.54%, according to market data. Revenue came in at $2.48 billion, ahead of the Street's $2.44 billion estimate and up significantly from $1.74 billion in the same period last year.
CEO Sassine Ghazi credited AI for the momentum. "AI is driving unprecedented complexity and increasing demand for the silicon IP and engineering solutions necessary to deliver next-generation AI compute, infrastructure and physical AI systems," he said in a statement.
Ghazi also highlighted the company's recent acquisition of Ansys, noting, "One year after the transformational acquisition of Ansys, we are executing with focus, extending our leadership and gaining momentum."
Looking ahead, Synopsys raised its full-year total revenue outlook to $9.715 billion at the midpoint and lifted its non-GAAP EPS guidance to $15.07 at the midpoint, citing continued AI-driven demand strength.
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