Cadence Design Systems (CDNS ) reported favorable fiscal Q1 earnings and revenue figures. The company’s earnings per share (EPS) of $1.17 outperformed consensus estimates of $1.13. Additionally, revenue for the quarter reached $1.01 billion, surpassing projections of $1 billion. Adjusted operating margin for the quarter stood at 38%, albeit lower than the 42% recorded in the same period last year. Nevertheless, it exceeded the expected 37.1%. Despite meeting analysts’ midpoint estimates for fiscal 2024 EPS and revenue, Cadence’s stock declined by over 8% in after-hours trading. The company anticipates full-year EPS in the range of $5.88 to $5.98, while revenue is projected between $4.56 billion and $4.62 billion. Cadence’s Senior Vice President and CFO, John Wall, attributed the strong Q1 results to technological proficiency and robust execution by the team. He also highlighted record bookings and backlogs of approximately $6.0 billion.
Cadence Design Systems (CDNS) Beats Earnings and Revenue Expectations
