Snyopsys rises as it boosts full-year estimates after strong Q3, names new CEO
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Snyopsys (NASDAQ:SNPS) shares rose nearly 2% in extended-hours trading on Wednesday as the semiconductor company posted raised its full-year guidance after reporting third-quarter results that topped expectations.
Mountain View, California-based Snyopsys (SNPS) now sees full-year revenue falling within a range of $5.81B to $5.84B, above the previous guidance of $5.79B to $5.83B. The company also expects full-year adjusted earnings to be between $11.04 and $11.09 per share, up from a prior range of $10.77 to $10.84 per share.
Synopsys (SNPS) also said it expects fourth-quarter adjusted earnings to be between $3.01 and $3.06 per share, with revenue between $1.57B and $1.6B. Analysts were expecting adjusted earnings of $2.92 per share and $1.57B in revenue.
For the period ending July 31, Snyopsys (SNPS) earned an adjusted $2.88 per share on $1.49B in revenue.
A consensus of analysts estimated the company would earn $2.74 per share on $1.48B in revenue.
In addition to the raised guidance, Snyopsys (SNPS) said Sassine Ghazi would become the company's president and CEO, effective January 1, 2024. Ghazi is replacing Aart de Geus in the CEO role, with de Geus becoming executive chairman of the company's board of directors.
The company will hold a conference at 5 p.m. EST to discuss the results.

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