Cadence Design Earnings, Revenue Beat in Q4; Delivers Upbeat Guidance By Investing.com

By Yasin Ebrahim

Cadence Design (NASDAQ:CDNS) reported Monday fourth-quarter results that topped analysts expectations and delivered upbeat revenue guidance

Cadence Design rose 2% in aftermarket hours following its quarterly report.

For the first quarter of 2021, the company expects diluted EPS to be in the range of 72 cents to 76 cents on revenue in the range of $710 million to $730 million. That compared with estimates for EPS of 70 cents on revenue of $697.2 million.

For 2020, the company expects total revenue in the range of $2.64 and $2.66 billion, up $53 million from a prior estimates, while revenue of $2.86 billion to $2.92 billion was forecast for 2021.

Cadence Design announced earnings per share of 83 cents on revenue of $759.9 million. Analysts polled by Investing.com anticipated EPS of 74 cents on revenue of $732.27 million.

The company expects to use approximately 50% of free cash flow to repurchase its shares in 2021.

Stay up-to-date on all of the upcoming earnings reports by visiting Investing.com’s earnings calendar