Cadence Design Reports Q2 Results, Forward Guidance: Here's The Details
Portfolio Pulse from Erica Kollmann
Cadence Design Systems (NASDAQ: CDNS) reported Q2 earnings of $1.28 per share, beating estimates by 4.92%. Quarterly sales were $1.061 billion, an 8.64% increase year-over-year. The company has a $6 billion backlog and expects Q3 earnings between $1.39 and $1.49 per share, below the $1.60 estimate. Fiscal year 2024 earnings are projected between $5.77 and $5.97 per share. CDNS shares are down 1.04% after-hours.
July 22, 2024 | 8:39 pm
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Cadence Design Systems reported strong Q2 earnings and sales, beating analyst estimates. However, the Q3 earnings guidance fell short of expectations, leading to a 1.04% drop in after-hours trading.
While Cadence Design Systems reported strong Q2 results, the lower-than-expected Q3 earnings guidance has likely led to the after-hours decline in share price. Investors may be concerned about the company's near-term performance despite the positive Q2 results.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100