Cadence Design Systems Reports Strong Q4 Results, Shares Drop on Q1 Guidance

Despite beating Q4 expectations, Cadence Design Systems' shares fell due to lower-than-expected Q1 revenue and earnings forecasts.

Cadence Design Systems Inc. reported fourth-quarter revenue of $1.069 billion, surpassing expectations.
Adjusted EPS for Q4 was $1.38, exceeding consensus estimates.
For Q1 FY24, Cadence expects revenue between $990 million and $1.01 billion, below analyst expectations.
The company's adjusted EPS forecast for Q1 is $1.10-$1.14, also below consensus estimates.
Cadence announced expansions in partnerships with NVIDIA and Dassault Systèmes, focusing on AI and 3D-IC technologies.