Cadence Design Systems, Inc. Releases Q1 2024 Financial Results
Cadence Design Systems, Inc. (Nasdaq: CDNS) reported a revenue of $1.009 billion in the first quarter of 2024, with a decrease in operating margins compared to the previous year. The company’s GAAP diluted net income per share slightly increased to $0.91, while non-GAAP diluted net income per share decreased to $1.17. President and CEO Anirudh Devgan highlighted the record Q1 backlog and the Cadence.AI portfolio’s capabilities. CFO John Wall emphasized the company’s technology leadership and strong execution that led to record Q1 bookings.
Cadence Design Systems Reports Strong Financial Results and Growth in 2023
Cadence Design Systems, Inc. (Nasdaq: CDNS) has reported impressive financial results for the fourth quarter and fiscal year 2023, with significant revenue growth and improved operating margins. The company’s president and CEO, Anirudh Devgan, attributes the success to innovative solutions and effective execution of the Intelligent System Design strategy, expressing confidence in continuing to drive business momentum through technology leadership. With a strong finish to the year and a promising outlook for fiscal year 2024, Cadence’s continued growth and strategic positioning in the market are evident.