Cadence Q1 Revs Top Estimates; Outlook In Line

Cadence Design Systems (CDNS) posted Q1 revenues of $206 million, down from $271 million a year ago, but ahead of the Street at $204.5 million. The EDA software company posted a loss on a non-GAAP basis of 10 cents a share, two cents better than the Street estimate for a loss of 12 cents a share.

For Q2, the company sees revenue of $205 million to $215 million, with a non-GAAP loss of 7-9 cents a share; the Street has been expecting $208.5 million and a loss of 9 cents.

For the full year, Cadence sees $830 million to $870 million in revenue, with a loss on a non-GAAP basis of 21-33 cents a share. The Street has been expecting $851 million and a loss of 31 cents.

In late trading, CDNS is unchanged at $4.81.