Ansys beats quarterly revenue and profit estimates on strong demand
31/07/2024 23:26
July 31 (Reuters) - Ansys ANSS.O beat Wall Street
estimates for second-quarter revenue and profit on Wednesday,
driven by growing demand for its AI-powered tools and
engineering software solutions.
The company has benefited from surging demand for its
simulation and analysis solutions that help in evaluating
products virtually before their market launch.
Ansys makes simulation software used by engineers, chip
designers and researchers to help them analyze products across
industries like aerospace, defense, automotive and energy.
The Pennsylvania-based company's products compete with those
of Autodesk's ADSK.O Fusion 360, AutoCAD and Dassault Systems'
DAST.PA Solidworks.
Simulation software maker Ansys posted revenue of $594.1
million, beating analysts' average estimate of $549.3 million,
according to LSEG data.
Its adjusted profit per share came in at $2.50, which also
beat average estimate of $1.92.
In January, chip design software maker Synopsys SNPS.O
said it would buy Ansys in a $35 billion cash-and-stock deal.
The transaction is expected to be completed in the first half of
2025.
(Reporting by Jaspreet Singh in Bengaluru; editing by Alan
Barona)
((Jaspreet.Singh@thomsonreuters.com; https://twitter.com/i_jass;))