What's Going On With Cadence Design Systems Stock After Hours?
Portfolio Pulse from Ryan Gustafson
Cadence Design Systems, Inc. (NASDAQ:CDNS) reported Q2 earnings of $1.22 per share, beating the analyst consensus estimate of $1.18. The company also reported quarterly sales of $976.58 million, surpassing the analyst consensus estimate of $974.86 million. Despite the positive results, CDNS shares were down 4.26% in after-hours trading. The company expects total revenue for the second half of 2023 to be between $2.052 billion and $2.092 billion and earnings per share between $2.54 and $2.60.
July 24, 2023 | 9:01 pm
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Cadence Design Systems beat Q2 earnings and sales estimates but saw its shares fall in after-hours trading. The company expects strong revenues and earnings for the second half of 2023.
Despite beating Q2 earnings and sales estimates, Cadence Design Systems saw its shares fall in after-hours trading. This suggests that investors may have had higher expectations for the company's performance. However, the company's strong revenue and earnings guidance for the second half of 2023 could potentially drive a recovery in the stock price.
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IMPORTANCE 80
RELEVANCE 100