Cadence Design Systems beat revenue expectations for Q1
Cadence reported first quarter 2017 revenue of $477 million, compared to revenue of $448 million reported for the same period in 2016.
"Consistent execution enabled Cadence to deliver strong results. Innovation is at the heart of our success and we have introduced three significant new products so far in 2017: Xcelium for parallel logic simulation, Protium S1 for advanced FPGA-based prototyping and Pegasus Verification System, a next generation physical verification solution," said Lip-Bu Tan, president and chief executive officer. "Additionally, our digital and sign off solutions continue to proliferate with market-shaping customers for the most complex designs at the most advanced nodes."
"Cadence met or exceeded its key operating metrics in the first quarter, and we are maintaining our outlook for the fiscal year," said Geoff Ribar, senior vice president and chief financial officer.
For the second quarter of 2017, the company expects total revenue in the range of $470 million to $480 million.
For 2017, the company expects total revenue in the range of $1.900 billion to $1.950 billion.
