Cadence Design Reports Q2 Results, Forward Guidance: Here's The Details

Author: Erica Kollmann | July 22, 2024 04:39pm

Cadence Design Systems, Inc. (NASDAQ:CDNS) reported its second-quarter financial results Monday. Here's a look at the key figures from the report. 

The Details: Cadence Design reported quarterly earnings of $1.28 per share which beat the analyst consensus estimate of $1.22 by 4.92%.

Quarterly sales came in at $1.061 billion which beat the analyst consensus estimate of $1.043 billion and represents an 8.64% increase over sales from the same period last year.

The company reported a quarter-end backlog of $6 billion and current remaining performance obligations (cRPO), contract revenue expected to be recognized as revenue in the next 12 months, of $3.1 billion.

“Cadence delivered strong results for the second quarter of 2024, with robust demand for our cutting-edge technologies from AI, hyperscale, and automotive customers,” said Anirudh Devgan, CEO of Cadence Design.

“I’m pleased with the strong momentum of our Cadence.AI portfolio and our next generation Z3 / X3 hardware systems, and am excited about the growing demand for our industry-leading products from an expanding foundry ecosystem.”

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Outlook:  Cadence Design sees third-quarter earnings of between $1.39 and $1.49 per share versus the $1.60 estimate, and revenue in a range of $1.165 billion to $1.195 billion versus the $1.19 billion analyst estimate.

The company expects fiscal year 2024 earnings of between $5.77 and $5.97 per share, versus the $5.93 estimate, and revenue in a range of $4.6 billion to $4.66 billion, versus the $4.6 billion estimate.

CDNS Price Action: According to Benzinga Pro, Cadence Design Systems shares are down 1.04% after-hours at $284.10 at the time of publication Monday.

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Image: Gerd Altmann from Pixabay

Posted In: CDNS