{"id":12363,"date":"2023-08-16T22:42:10","date_gmt":"2023-08-16T22:42:10","guid":{"rendered":"https:\/\/isafespend.com\/investing\/synopsys-names-insider-ghazi-as-ceo-forecasts-stronger-fourth-quarter\/"},"modified":"2023-08-16T22:42:10","modified_gmt":"2023-08-16T22:42:10","slug":"synopsys-names-insider-ghazi-as-ceo-forecasts-stronger-fourth-quarter","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=12363","title":{"rendered":"Synopsys names insider Ghazi as CEO, forecasts stronger fourth quarter"},"content":{"rendered":"
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\u00a9 Reuters. A man walks through the Synopsys booth during the Black Hat information security conference in Las Vegas, Nevada, U.S. on July 26, 2017. REUTERS\/Steve Marcus\/File photo<\/span>
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By Jaspreet Singh and Max A. Cherney<\/p>\n

(Reuters) – Chip design software company Synopsys (NASDAQ:) on Wednesday named 25-year-veteran Sassine Ghazi as its CEO and president, and forecast better-than-expected fourth-quarter results as artificial intelligence (AI) innovations fuel demand for custom semiconductor design.<\/p>\n

The company said Ghazi, who brings with him decades of chip design and applications engineering experience, will succeed Aart de Geus next January. Geus, co-founder of Synopsys, will move to the role of executive chair.<\/p>\n

\u201cI’ve been with the company for 25 years,\u201d Ghazi said. \u201cSo the last three years has been fairly planned discussion with Aart and the board regarding the transition.”<\/p>\n

Investors should be comfortable and confident with Ghazi, said Baird Equity Research, noting he has already helped make Synopsys a faster-growing and more profitable company.<\/p>\n

Synopsis shares were up 2.3% in extended trading. <\/p>\n

Intel (NASDAQ:) and Synopsys on Monday announced a deal – an important step for Intel’s contract manufacturing business as it strives to become a viable alternative to Taiwan Semiconductor Manufacturing Co or Samsung Electronics (OTC:) Co. As part of the deal, Synopsys will develop intellectual property for Intel’s advanced manufacturing processes. <\/p>\n

\u201cThe moment you’re in a foundry business, you really need an IP portfolio to enable your customers to come into your foundry business, Ghazi said. <\/p>\n

Synopsys forecast fourth-quarter adjusted earnings per share of $3.01 to $3.06, above analysts’ average estimate of $2.91, according to Refinitiv data.<\/p>\n

Revenue expectations of $1.57 billion to $1.60 billion were also better than analysts’ average estimate of $1.57 billion.<\/p>\n

The company reported revenue of $1.49 billion in the third quarter ended July 31, above estimate of $1.48 billion. Adjusted profit per share of $2.88 also beat estimates of $2.74.<\/p>\n

Revenue from its Design Automation unit jumped about 23% to $1 billion. It is the company’s largest segment, which includes digital and custom integrated circuit (IC) design software. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. A man walks through the Synopsys booth during the Black Hat information security conference in Las Vegas, Nevada, U.S. on July 26, 2017. REUTERS\/Steve Marcus\/File photo By Jaspreet Singh and Max A. Cherney (Reuters) – Chip design software company Synopsys (NASDAQ:) on Wednesday named 25-year-veteran Sassine Ghazi as its CEO and president, and<\/p>\n","protected":false},"author":1,"featured_media":9153,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[32],"class_list":{"0":"post-12363","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing","8":"tag-featured"},"yoast_head":"\nSynopsys names insider Ghazi as CEO, forecasts stronger fourth quarter | iSafeSpend<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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