Cadence Design Systems Inc (CDNS) announces FY24Q3 earnings‼️
Cadence Design Systems Inc CDNS
Announces 2024 Q3 earnings‼️
Excellent earnings significantly surpassing market expectations✨
Stock price up by 5.8% in after-hours trading🚀
🔸 FY24 Q3 Performance
EPS: $1.64 (financial estimates comparison +$0.20)
Revenue: $1.215 billion (financial estimates comparison +$0.035 billion)
Revenue Growth Rate: +19% Y/Y
Operating Margin: 45% (year-on-year comparison +4%)
FY24 Full Year Guidance (upward revision)
EPS: $5.87-$5.93 (estimated $5.89)
Revenue: $4.61 billion-$4.65 billion (estimated $4.63 billion)
Operating Margin: 42-43%
Order backlog: $5.6 billion
Contract revenue for the next 12 months: $2.9 billion
Business Highlights
Cadence AI: Achieved rapid growth with tripled revenue compared to the previous year
System Design & Analysis: Revenue increased by 47% year-on-year
IP Business: Revenue increased by 59% year-on-year
Function Verification: Revenue increased by 22% year-on-year
Key Achievements
JedAI, an AI optimization and big data analysis platform, is spreading smoothly.
The multi-physics portfolio is growing with physical-based modeling and AI optimization.
Signed a large IP contract for AI product development with major clients.
Strong demand from AI, hyperscale, and automobile companies.
The China business is showing signs of recovery (accounts for 13% of revenue).
🔸Future prospects
Very strong order outlook for Q4.
AI becomes an essential element in the design workflow.
✔️recurring revenue (operating income) is expected to grow by double digits.
🔸Company Overview
Cadence is a leading company in electronic system design, with over 30 years of specialized knowledge in calculation software.
Supporting the design of innovative electronic products from chips to boards to complete systems.
Selected consecutively for 10 years in Fortune's "100 Best Companies to Work For" list.
Further growth is expected through integration with AI.
Announces 2024 Q3 earnings‼️
Excellent earnings significantly surpassing market expectations✨
Stock price up by 5.8% in after-hours trading🚀
🔸 FY24 Q3 Performance
EPS: $1.64 (financial estimates comparison +$0.20)
Revenue: $1.215 billion (financial estimates comparison +$0.035 billion)
Revenue Growth Rate: +19% Y/Y
Operating Margin: 45% (year-on-year comparison +4%)
FY24 Full Year Guidance (upward revision)
EPS: $5.87-$5.93 (estimated $5.89)
Revenue: $4.61 billion-$4.65 billion (estimated $4.63 billion)
Operating Margin: 42-43%
Order backlog: $5.6 billion
Contract revenue for the next 12 months: $2.9 billion
Business Highlights
Cadence AI: Achieved rapid growth with tripled revenue compared to the previous year
System Design & Analysis: Revenue increased by 47% year-on-year
IP Business: Revenue increased by 59% year-on-year
Function Verification: Revenue increased by 22% year-on-year
Key Achievements
JedAI, an AI optimization and big data analysis platform, is spreading smoothly.
The multi-physics portfolio is growing with physical-based modeling and AI optimization.
Signed a large IP contract for AI product development with major clients.
Strong demand from AI, hyperscale, and automobile companies.
The China business is showing signs of recovery (accounts for 13% of revenue).
🔸Future prospects
Very strong order outlook for Q4.
AI becomes an essential element in the design workflow.
✔️recurring revenue (operating income) is expected to grow by double digits.
🔸Company Overview
Cadence is a leading company in electronic system design, with over 30 years of specialized knowledge in calculation software.
Supporting the design of innovative electronic products from chips to boards to complete systems.
Selected consecutively for 10 years in Fortune's "100 Best Companies to Work For" list.
Further growth is expected through integration with AI.
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