Synopsys posts 13% revenue increase for Q3

EDA tool and semiconductor IP company, Synopsys, has announced revenue of $1.526bn for Q3 2024, up approximately 13% from Q3 2023.

Synopsys headquarters in Sunnyvale, Calif.

The company also announced it is expecting record full-year revenue with around 15% growth.

Reflecting on the results, Sassine Ghazi, Synopsys’ president and CEO attributed a lot of growth to the increased use of AI. “The complexity and pace of technology innovation is accelerating as silicon and systems companies race to capitalise on AI in this era of pervasive intelligence. Synopsys is mission-critical to technology innovation and our customer set is expanding as more companies in more industries define and optimize system performance at the silicon level,” he said.

In May this year, Synopsys agreed to sell its Software Integrity business to private equity firms Clearlake Capital Group and Francisco Partners for around $2.1bn. Software Integrity provides software security which are integrated into the developer’s workflows to create secure and compliant code. Announcing the acquisition, Ghazi said: “This move sharpens our focus on the unprecedented, high-growth opportunity we have in our core business – where the engineering of silicon and systems is converging as technology R&D teams look to capitalise on this AI-driven era of pervasive intelligence.”