Shares of electronic design automation software maker Synopsys (SNPS) are up 58 cents, or 2%, at $28.78 in late trading after the company this afternoon reported fiscal Q2 revenue ahead of analysts’ expectations, forecast this quarter’s and the year’s results ahead of estimates, and said it would split the CEO role between its chairman and COO.
Revenue in the three months ended in April rose 10%, year over year, to $432.6 million, yielding EPS of 53 cents a share, excluding some costs.
Analysts had been modeling $417 million and 55 cents.
For the current quarter, the company sees revenue in a range of $440 million to $448 million, and EPS, excluding some costs, of 49 cents to 51 cents. Analysts have been modeling $413 million and 46 cents a share.
For the full year, the company projected revenue of $1.74 billion to $1.76 billion, and EPS of $2.03 to $2.07. That is better than the Street consensus of $1.67 billion and $2.03 per share.
In a separate release, the company said it would split the CEO role between the current CEO, Art de Geus, who is also chairman of the board, and COO Chi-Foon Chan.
As de Geus explained the move,
Chi-Foon and I have worked successfully as a close-knit team for over a decade to help elevate Synopsys into its present leadership position. Synopsys has excellent technical, market and financial strengths, as well as a management team capable of scaling the company for continued growth, portfolio broadening and globalization. Explicitly sharing the CEO position is both galvanizing and timely as we now focus on setting the company’s direction for the next decade of growth and customer focus.
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