BlackRock, Inc., the world’s largest asset manager, has reported a highly successful third quarter for 2024, marked by strong financial growth. The firm’s total assets under management (AUM) surged to a record $11.5 trillion, driven by $221 billion in net inflows during the quarter. This represents a significant year-over-year increase of $2.4 trillion in AUM, showcasing BlackRock's continued leadership in the asset management industry.
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Synopsys Reports Record Q3 FY24 Results and Sets Strong Full-Year Growth Targets
Synopsys, Inc. (Nasdaq: SNPS), a global leader in electronic design automation (EDA) and semiconductor IP, reported outstanding financial results for its third quarter of fiscal year 2024, which ended on August 21, 2024. The company achieved record quarterly revenue and significant year-over-year growth in both GAAP and non-GAAP earnings per share, demonstrating strong business momentum.
Record Q3 FY24 Financial Results
Key Highlights:
- Revenue: $1.526 billion, up 13% from $1.354 billion in Q3 FY23, setting a new quarterly record for Synopsys.
- GAAP Net Income: $425.9 million, up from $335.7 million in the prior year, with GAAP earnings per diluted share of $2.73.
- Non-GAAP Net Income: $535.5 million, up from $419.0 million, with non-GAAP earnings per diluted share of $3.43, a 27% year-over-year increase.
CEO Sassine Ghazi highlighted the company's resilience amid increasing demand for technology innovation, particularly in AI and pervasive intelligence. Ghazi noted that Synopsys' products are essential to driving technological advancements across various industries, positioning the company for long-term growth.
Business Segments: Design Automation and Design IP
Synopsys operates two primary business segments:
- Design Automation: This segment includes advanced silicon design and verification products, digital and custom IC design software, verification software, and manufacturing software.
- Design IP: Focuses on Synopsys' portfolio of IP solutions, which are critical to system performance at the silicon level.
Strong Execution and Growth Expectations
Shelagh Glaser, CFO of Synopsys, emphasized the company's excellent execution and leadership in key product areas. For the full fiscal year 2024, Synopsys expects record revenue growth of approximately 15% and non-GAAP earnings per share growth of 24%, reflecting strong performance across both business segments.
Additionally, Synopsys expects to expand its non-GAAP operating margin by two percentage points for the year, underscoring the company's ongoing efficiency improvements and sustained profitability.
Q4 FY24 and Full-Year Financial Outlook
Looking ahead to Q4 FY24 and the full fiscal year, Synopsys provided the following financial targets:
Q4 FY24 Targets:
- Revenue: Expected to range between $1.614 billion and $1.644 billion.
- GAAP EPS: Expected to be between $2.25 and $2.39.
- Non-GAAP EPS: Expected to range from $3.27 to $3.32.
Full-Year FY24 Targets:
- Revenue: Expected to be between $6.105 billion and $6.135 billion, reflecting record growth.
- GAAP EPS: Expected between $9.71 and $9.85.
- Non-GAAP EPS: Projected to range from $13.07 to $13.12.
Cash Flow Projections:
- Operating Cash Flow: Projected at approximately $1.3 billion.
- Free Cash Flow: Estimated at approximately $1.1 billion, reflecting continued financial strength and operational efficiency.
Source: SNPS
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