Cadence Design Systems (NASDAQ: CDNS) reported Q1 EPS of $0.60, $0.06 better than the analyst estimate of $0.54. Revenue for the quarter came in at $618 million versus the consensus estimate of $613.41 million.

“I am pleased to report that in a difficult environment we have continued to deliver on our strategy and commitments, leading to excellent financial results for the first quarter of 2020, and we are reaffirming our 10 percent revenue growth guidance for the year,” said Lip-Bu Tan, chief executive officer. “We are going through truly unprecedented times and our first priority is ensuring the safety and well-being of our employees, customers and communities. From a business continuity perspective, our infrastructure, collaboration platforms and tight communication have enabled us to maintain a high level of productivity, and our R&D innovation projects and customer deliverables continue to track well.”

“Cadence met or exceeded its key financial metrics for the first quarter despite some disruption caused by the COVID-19 pandemic,” said John Wall, senior vice president and chief financial officer. “The vast majority of our team are effectively working from home, including our sales and application engineering teams that have adapted well to this new work model as they continue to engage productively with customers on the business, training and support fronts.”

GUIDANCE:

Cadence Design Systems sees Q2 2020 EPS of $0.50-$0.54, versus the consensus of $0.59. Cadence Design Systems sees Q2 2020 revenue of $580-600 million, versus the consensus of $621.72 million.

Cadence Design Systems sees FY2020 EPS of $2.40-$2.50, versus the consensus of $2.41. Cadence Design Systems sees FY2020 revenue of $2.545-2.585 billion, versus the consensus of $2.55 billion.

For earnings history and earnings-related data on Cadence Design Systems (CDNS) click here.