Cadence’s Stock Drop on Soft Revenue Outlook

Cadence Delivers Strong Q4 FY2023 Results with Record Revenue, but Stock Drops on Soft Revenue Guidance

Cadence Design Systems (NASDAQ:CDNS) has reported its Q4 FY2023 results, meeting analysts’ expectations with a strong revenue increase of 18.8% year on year, reaching $1.07 billion. However, despite this positive performance, the company’s stock price dropped as the revenue guidance for the next quarter fell short of analysts’ estimates at $1 billion, reflecting an 8.5% decrease.