By Yasin Ebrahim
Investing.com -- Synopsys lifted its annual outlook on performance Wednesday after its third-quarter results beat analysts' forecasts, driven by increasing corporate spending on complex chips and software.
Synopsys (NASDAQ:SNPS) shares gained more than 2% in after-hours trade following the report.
Synopsys announced earnings per share of $2.10 on revenue of $1.25B. Analysts polled by Investing.com anticipated EPS of $1.99 on revenue of $1.21B.
The ongoing demand for "smart" technology bolstered growth despite a difficult market backdrop.
"Notwithstanding macroeconomic choppiness in an uncertain geopolitical environment, our customers continue to prioritize investments to enable the new 'smart everything' era," the company said.
Looking ahead, the company lifted its 2022 guidance, forecasting EPS in a range of $8.80 to $8.85 and revenue of $5.06 billion to $5.09 billion. That was up from prior estimates for earnings of $8.63 to $8.70 a share on revenue of $5 billion to $5.05 billion. That compared with analysts' estimates for EPS of $8.46 on revenue of $5.55 billion.