Cadence (CDNS) Q4 Earnings & Revenues Top Estimates, Up Y/Y

Cadence Design Systems (CDNS) posted fourth-quarter 2023 non-GAAP earnings of $1.38 per share, which beat the Zacks Consensus Estimate by 3% and increased 43.8% year over year.Revenues of $1.069 billion surpassed the Zacks Consensus Estimate by 0.3% and rose 18.8% on a year-over-year basis. The top line benefited from higher customer demand amid robust design activity and strong operational execution. CDNS ended the quarter with a backlog of $6 billion and current remaining performance obligations of $3.2 b ...