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Synopsys lifts annual guidance as Q3 results beat estimates; Names new CEO

Investing.com -- Synopsys raised its annual earnings guidance Wednesday after fiscal third-quarter results beat analysts' forecasts. The company also announced that it appointed chief operating officer Sassine Ghazi as Chief Executive Officer starting Jan. 1, 2024. 

Synopsys Inc (NASDAQ:SNPS) rose more than 2% in afterhours trading following the report. 

Synopsys announced adjusted EPS of $2.88 on revenue of $1.49 billion. Analysts polled by Investing.com anticipated EPS of $2.74 on revenue of $1.48B.

Looking ahead, the company raised its full-year guidance forecasting revenue growth of 14% to 15%, and adjusted EPS growth of 24% to 25% year over year. That compared with a prior estimate to grow adjusted EPS by 21% to 22%.

Ghazi succeeds Aart de Geus as CEO, with the latter expected to transition to the role of executive chair, the company said. Ghazi assumed the role of COO in August 2020 and was appointed to the role of president in November 2021.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70.8% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.