Cadence Reports Q1 Beat, Outlook In Line With Expectations
Cadence Design Systems (NASDAQ:CDNS) reported fiscal Q1 earnings that surpassed expectations but provided full-year guidance in line with analyst projections. The company, specializing in computational software, announced earnings per share (EPS) of $1.17, exceeding the consensus of $1.13. Revenue for the quarter was also higher than anticipated, at $1.01 billion compared to the expected $1 billion.
However, the adjusted operating margin decreased to 38% from 42% the previous year, though it was still above the anticipated 37.1%.
For the full 2024 year, Cadence expects an EPS range of $5.88 to $5.98, aligning closely with the consensus estimate of $5.94. Projected revenues are set to be between $4.56 billion and $4.62 billion, compared to the consensus estimate of $4.591 billion.
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