Cadence Design expects lower first-quarter revenue as hardware sales normalize.

Cadence Design Systems forecast a decline in revenue for the first quarter as its hardware sales were up against tough comparisons from a year earlier, during which it ramped up shipments to clear order backlog. Shares of the company, which counts Arm Holdings, Nvidia and Intel as its customers, fell about 6% in trading after the bell. The company expects first-quarter revenue to fall about 2% to between $990 million and $1.01 billion. Analysts were expecting $1.08 billion, according to LSEG data.

February 12, 2024
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