Cadence (NASDAQ:CDNS) Misses Q1 Sales Targets, Stock Drops
Semiconductor design software provider Cadence Design Systems (NASDAQ:CDNS) fell short of analysts' expectations in Q1 CY2024, with revenue down 1.2% year on year to $1.01 billion. Next quarter's revenue guidance of $1.04 billion also underwhelmed, coming in 6.3% below analysts' estimates. It made a non-GAAP profit of $1.17 per share, down from its profit of $1.29 per share in the same quarter last year.