Technology company Synopsys, Inc. (NASDAQ: SNPS) reported an increase in adjusted profit for the first quarter of 2023 when revenues increased by 7%.
First-quarter earnings, excluding special items, rose to $2.62 per share from $2.40 per share in the year-ago period. Net income was $271.5 million or $1.75 per share, compared to $313.7 million or $1.99 per share in the first quarter of 2022.
Total revenues rose 7% to $1.36 billion from $1.27 billion a year earlier. The company also provided financial guidance for the second quarter and fiscal 2023.
“Synopsys delivered a solid start to the year. Building on our strength and momentum from 2022, we met or exceeded all of our guidance targets, and based on the continued robust design activity, we remain confident in our business,” said the company’s CEO Aart de Geus.