1 week ago
Cadence Design Systems, Inc. shares are trading higher Wednesday after the company reported better-than-expected fourth-quarter financial results and issued first-quarter adjusted earnings per share guidance above estimates on Tuesday after the market closed.
- Cadence stock is surging to new heights today. Why is CDNS stock up today?
Fourth-Quarter Results And Guidance
Cadence reported adjusted earnings per share of $1.99, beating the consensus estimate of $1.91. In addition, the company reported revenue of $1.44 billion, beating the consensus estimate of $1.42 billion.
Revenue increased 14% year-over-year from $1.356 billion in the same quarter last year.
Year-end backlog reached a record $7.8 billion, with $3.8 billion expected to be recognized over the next 12 months from remaining performance obligations. The company ended the quarter ...
