This computer software stock is trading up in after-hours

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This computer software stock is trading up in after-hours | Invezz

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By:

Wajeeh Khan

on
Apr 25, 2022

Cadence Design Systems reported better-than-expected results for its fiscal Q1.

The computer software company raised its guidance for the full financial year.

Shares of the American multinational are up over 5.0% in extended trading.

Shares of Cadence Design Systems Inc (NASDAQ: CDNS) climbed more than 5.0% in extended trading after the computer software company reported better-than-expected results for its fiscal first quarter and raised its full-year guidance.

What Cadence Q1 results tell us

Net income printed at $235 million versus the year-ago figure of $187 million.Per-share earnings came in at 85 cents, an increase from last year’s 67 cents.Revenue jumped 22.5% YoY to $902 million, as per the earnings press release.FactSet consensus was for 73 cents of EPS on $857 million in revenue.Operating margin climbed from 28% to 35% in the recent fiscal quarter.

Future outlook and CEO’s remarks

For the full financial year, Cadence now forecasts its revenue to fall between $3.40 billion and $3.44 billion. It predicts up to $3.97 of per-share earnings this year. In the earnings press release, CEO Anirudh Devgan said:


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Our Intelligent System Design strategy aligns well with the generational secular trends that are fuelling robust design activity, and our innovative solutions are accelerating growth in both our core and our new systems businesses across a rapidly expanding customer base.

In Q2, the American multinational expects to generate 95 cents to 99 cents of adjusted EPS on revenue in the range of $825 million to $845 million – both ahead of analysts’ estimates.

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