Cadence (CDNS) Q1 Earnings Top Estimates, Revenues Down Y/Y

Cadence Design Systems (CDNS) reported first-quarter 2024 non-GAAP earnings per share (EPS) of $1.17, which beat the Zacks Consensus Estimate by 3.5%. However, it decreased 9.3% year over year.Revenues of$ 1.009 billion missed the Zacks Consensus Estimate by 0.5% and decreased 1.2% on a year-over-year basis. The top line was affected by weakness in Product & Maintenance revenues. CDNS ended the quarter with a backlog of $6 billion and current remaining performance obligations of$ 3.1 billion.Management prov ...