Cadence Design Systems Inc (NASDAQ:CDNS) reported financial results for the second quarter after the market close on Monday. Here’s a look at the key details from the quarter.
Q2 Earnings: Cadence Design Systems reported second-quarter revenue of $1.28 billion, beating analyst estimates of $1.26 billion. The company reported second-quarter adjusted earnings of $1.65 per share, beating estimates of $1.58 per share, according to Benzinga Pro.
Total revenue was up 20% year-over-year, driven by "broad-based strength" across all of the company's businesses. Cadence Design Systems said it saw strong-than-expected bookings during the period and ended the quarter with a backlog of $6.4 billion.
The company ended the second quarter with approximately $2.82 billion in cash and cash equivalents.
“The strength and breadth of our products are enabling us to lead through the accelerating waves of the AI Supercycle, from AI infrastructure build-out, to physical AI in autonomous systems, to the emerging frontier of science AI,” said Anirudh Devgan, president and CEO of Cadence Design Systems.
Outlook: Cadence Design Systems raised its 2025 revenue outlook to 13% year-over-year growth. The company now expects full-year revenue between $5.21 billion and $5.27 billion versus estimates of $5.19 billion.
Cadence also raised its full-year adjusted earnings guidance from a range of $6.73 to $6.83 per share to a new range of $6.85 to $6.95 per share versus estimates of $6.79 per share. The company expects third-quarter adjusted earnings to be in between $1.75 and $1.81 per share versus estimates of $1.72 per share.
Cadence Design Systems management will discuss the quarter on a conference call set for 5 p.m. ET.
CDNS Price Action: Cadence Design Systems shares were up 7.56% after hours, trading at $359 at the time of publication on Monday, according to Benzinga Pro.
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