Cadence Design Systems (NASDAQ:CDNS) has released its financial results for the first quarter ended March 31, 2024. The results reveal a mixed performance compared to the corresponding period in 2023.
Revenue for the quarter stood at $1.009 billion, a slight decrease from the previous year's $1.022 billion.
Despite this, the company saw a minor increase in GAAP diluted net income per share, rising from $0.89 in Q1 2023 to $0.91.
Additionally, both GAAP and non-GAAP operating margins noted declines, coming in at 25% and 38% respectively, compared to 32% and 42% in the prior year.
Looking ahead, the company expects revenue of $4.56 billion to $4.62 billion, along with a GAAP operating margin of 31% to 32% for fiscal year 2024.