Why Cadence Design Systems Shares Are Down Today
Portfolio Pulse from Lekha Gupta
Cadence Design Systems Inc (NASDAQ:CDNS) shares are trading lower by around 3% after it reported Q3 FY23 financial results and issued guidance. The company reported revenue of $1.023 billion, beating the consensus of $1.00 billion. Adjusted EPS of $1.26 exceeded the consensus of $1.20. However, the company's Q4 and FY23 outlooks are slightly below consensus estimates, which may have contributed to the stock's decline.
October 24, 2023 | 10:48 am
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Cadence Design Systems' stock is down following its Q3 earnings report and future guidance. Despite beating Q3 estimates, the company's Q4 and FY23 outlooks are slightly below consensus, which may have negatively impacted the stock.
Cadence Design Systems reported strong Q3 results, beating both revenue and EPS estimates. However, the company's Q4 and FY23 outlooks are slightly below consensus estimates. This lower than expected guidance may have disappointed investors, leading to a drop in the stock price.
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