NEEDHAM, MA – Worldwide tablet shipments were down 8.8% year over year in the third quarter of 2022, totaling 38.6 million units, according to preliminary data from the International Data Corporation (IDC) Worldwide Quarterly Personal Computing Device Tracker.

This was the fifth straight quarter of decline for the tablet market. Chromebook shipments also struggled in the quarter, falling to 4.3 million units and a year-over-year decline of 34.4%. Both markets have now shifted from supply constrained industries to ones that are demand challenged as consumer and education spending has slowed in the face of economic uncertainties.

SAN JOSE, CA – Cadence Design Systems posted strong third quarter financial results, reporting revenue of $1.339 billion compared to $1.215 billion in the same quarter last year. GAAP operating margin rose to 31.8% from 28.8%, and non-GAAP operating margin improved to 47.6% from 44.8%. The company’s backlog hit a record $7.0 billion, with $3.5 billion expected to be recognized over the next 12 months.