Cadence Design Systems Shares Up 5% on Q1 Earnings Beat and Raise

Cadence Design Systems (NASDAQ: CDNS) shares rose around 5% after-hours following the company’s reported Q1 results, with EPS of $1.17 coming in above the consensus estimate of $1.02. Revenue was $902 million, compared to the consensus estimate of $857.32 million, driven by broad-based strength across the company’s diverse product portfolio.

The company expects Q2/22 EPS to be in the range of $0.95-$0.99, compared to the consensus of $0.92, and revenue in the range of $825-845 million, compared to the consensus of $823.74 million.

For the full 2022-year, the company expects EPS in the range of $3.89-$3.97, compared to the consensus of $3.80, and revenue in the range of $3.395-3.435 billion, compared to the consensus of $3.36 billion.

Shares of Cadence Design Systems are down 19% year-to-date.

By Davit Kirakosyan

You May Also Be Interested In

• Buy this high-quality civil aerospace franchise: Goldman
• S&P 500 may pull back before midterms, but Citi says buy the dip
• Value-focused retailer sees traffic momentum strengthen ahead of second quarter