{"id":40274,"date":"2023-07-25T12:32:18","date_gmt":"2023-07-25T16:32:18","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/cadence-design-stock-drops-after-raised-outlook-still-disappoints-in-the-short-term\/"},"modified":"2023-07-25T12:32:20","modified_gmt":"2023-07-25T16:32:20","slug":"cadence-design-stock-drops-after-raised-outlook-still-disappoints-in-the-short-term","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=40274","title":{"rendered":"Cadence Design stock drops after raised outlook still disappoints in the short term"},"content":{"rendered":"
\n

Cadence Design Systems Inc. shares fell in the extended session Monday following a forecast that fell short of Wall Street expectations, even after the electronic systems design company raised it for the year.<\/p>\n

Cadence
\n CDNS,
\n -1.27%<\/bg-quote>
\n shares fell more than 4% after hours, following a 0.7% decline in the regular session to close at $241.27.<\/p>\n

\n

While the company said it hiked its forecast for the year on strength from AI-related sales, the outlook for the current quarter fell short of expectations.<\/p>\n

For the third quarter, Cadence said it expects earnings of $1.18 to $1.22 a share on revenue between $990 million and $1.01 billion. Analysts surveyed by FactSet expect earnings per share of $1.26 on revenue of $1.01 billion for the third quarter.<\/p>\n

\u201cWith its unparalleled promise, Generative AI is beginning to make a significant impact globally,\u201d said Anirudh Devgan, Cadence\u2019s chief executive, in a statement. \u201cOur dedicated focus on AI over the past several years, combined with our computational software expertise and invaluable data that lies at the core of AI, uniquely positions us to deliver to the tremendous potential of this transformative technology.\u201d<\/p>\n

For the year, Cadence now expects earnings of $5.05 to $5.11 a share on revenue of $4.05 billion to $4.09 billion, while analysts, on average, expect full-year earnings of $5.03 a share on revenue of $4.06 billion.<\/p>\n

\u201cOur revenue outlook for the second half represents a year-over-year growth of approximately 15%, allowing us to raise our 2023 revenue guidance to more than 14% growth over 2022,\u201d said John Wall, Cadence\u2019s chief financial officer, in a statement.<\/p>\n

The company reported second-quarter net income of $221.1 million, or 81 cents a share, compared with $186.9 million, or 68 cents a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation expenses and other items, were $1.22 a share, compared with $1.08 a share in the year-ago period.<\/p>\n

Revenue rose to $976.6 million from $857.5 million in the year-ago quarter. Analysts surveyed by FactSet had forecast $1.18 a share on revenue of $974.8 million.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Cadence Design Systems Inc. shares fell in the extended session Monday following a forecast that fell short of Wall Street expectations, even after the electronic systems design company raised it for the year. Cadence CDNS, -1.27% shares fell more than 4% after hours, following a 0.7% decline in the regular session to close at $241.27. […]<\/p>\n","protected":false},"author":1,"featured_media":40275,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-40274","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nCadence Design stock drops after raised outlook still disappoints in the short term | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Cadence Design Systems Inc. shares fell in the extended session Monday following a forecast that fell short of Wall Street expectations, even after the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=40274\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" 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