The software company gave weaker than expected guidance for Q2.
Cadence shares were about 3.5% down in extended trading on Monday.
Cadence Design Systems Inc (NASDAQ: CDNS) reported its financial results for the fiscal first quarter on Monday that beat Wall Street estimates. The computer software company, however, gave weaker than expected guidance for the second quarter.
1. Financial performance
Cadence said that its net income in the first quarter came in at £134.65 million that translates to 48.20 pence per share. In the same quarter last year, its net income was capped at a lower £89.20 million, or 31.65 pence per share.
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Cadence Design Systems stock up 6% after quarterly beat
Shares of Cadence Design Systems Inc. rose more than 6% in the extended session Monday after the software company reported fourth-quarter profit and sales above Wall Street expectations. Cadence said it earned $174 million, or 62 cents a share, in the quarter, compared with $660 million, or $2.36 a share, in the year-ago quarter. Adjusted for one-time items, Cadence earned $234 million, or 83 cents a share, compared with 54 cents a share a year ago. Revenue rose to $760 million from $600 million a year ago. Analysts polled by FactSet expected adjusted earnings of 74 cents a share on sales of $732 million. The company guided for first-quarter revenue in a range between $710 million and $730 million, and first-quarter GAAP EPS between 55 cents and 59 cents. For full-year 2021, the company guided for revenue between $2.86 billion and $2.92 billion, and GAAP EPS between $2.09 and $2.19. “I am very pleased that against the backdro