SNPS Earnings: A snapshot of Synopsys’ Q2 2023 results

Technology company Synopsys, Inc. (NASDAQ: SNPS) reported a modest increase in adjusted profit for the second quarter of 2023 when its revenues increased by 9%.

Second-quarter earnings, excluding special items, rose to $2.54 per share from $2.50 per share in the year-ago period. Net income was $272.9 million or $1.76 per share, compared to $294.8 million or $1.89 per share in the second quarter of 2022.

Total revenues rose 9% to $1.40 billion from $1.28 billion a year earlier. The company also provided financial guidance for the third quarter and fiscal 2023.

“Our financial performance is the product of a relentless drive for technology innovation and years of building trust in our customer base. Our industry-leading AI-driven design platform, Synopsys.ai, unleashes our next wave of impact as our customers drive a groundswell of ‘smart, secure, and safe’ new products,” said the company’s CEO Aart de Geus.