Why Are Synopsys Shares Trading Higher Today

Synopsys, Inc SNPS reported fourth-quarter revenue growth of 11.4% year-on-year to $1.284 billion, marginally beating the consensus of $1.280 billion.
Non-GAAP EPS of $1.91 beat the consensus of $1.84.
Total products revenue grew 10.3% Y/Y to $1.06 billion.
Adjusted operating margin contracted 200 bps to 27.5%.
Semiconductor & System Design's margin contracted from 31.3% to 29.6%. Software Integrity margin was reduced from 12.1% to 8.4%.
Synopsys held $1.57 billion in cash and equivalents.
Synopsys sees Q1 revenue of $1.34 billion - $1.37 billion (vs. consensus $1.34 billion). It sees Non-GAAP EPS of $2.48-$2.53 (vs. consensus $2.29).
Synopsys sees FY23 revenue of $5.775 billion - $5.825 billion (vs. consensus $5.680 billion). It sees Non-GAAP EPS of $10.28-$10.35 (vs. consensus $10.08).
Price Action: SNPS shares traded higher by 6.29% at $360.90 on the last check Thursday.