By Yasin Ebrahim
Investing.com - Cadence Design (NASDAQ:CDNS) reported Monday a better-than-expected outlook for Q2 after delivering first quarter {{erl-6388||results} as strong demand for its technologies boosted growth.
Cadence Design announced earnings per share of $1.17 on revenue of $901.77 million. Analysts polled by Investing.com anticipated EPS of $1.02 on revenue of $770.84 million.
The beat on the top and bottom lines were driven by "strong demand for our technologies," the company said.
Looking ahead to Q2, the electronic systems designer forecasts adjusted EPS in a range of 95 cents to 99 cents and revenue between $825 million to $845 million. That was ahead of Wall Street estimates for EPS of 92 cents on revenue of $792.1 million.
For fiscal year 2022, the company expects adjusted EPS of $3.89 to $3.97 on revenue of between $3.395 billion and $3.435 billion.
"Our intelligent system design strategy aligns well with the generational secular trends that are fueling 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," the company added.
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