Synopsys, Inc. (NASDAQ: SNPS), a leading electronic design automation company, has reported a double-digit increase in revenues for the fourth quarter of 2023 when its profit more than doubled.
Total revenue increased 25% year-over-year to $1.60 billion in the October quarter. Net income more than doubled to $349.2 million or $2.26 per share during the three months. On an adjusted basis, earnings climbed to $3.17 per share in Q4 from $1.91 per share last year.
For the first quarter of 2024, the company expects revenue to be in the range of $1.63 billion to $1.66 billion. Full-year revenue is estimated to be between $6.57 billion and $6.63 billion.