SAN JOSE, CA – Cadence Design Systems reported first quarter sales of printed circuit board design software was $51.9 million, up 11.5% year-over-year.
Overall revenue for the quarter was $577 million, up 11.6% year-over-year. On a GAAP basis, Cadence recognized net income of $121 million, an increase of 65.8% compared to the first quarter of 2018.
“Cadence achieved excellent operating results for the first quarter, delivering 11% revenue growth and 32% non-GAAP operating margin. Our business is mission critical to silicon development, which is the cornerstone of all design activity,” said Lip-Bu Tan, CEO. “We announced Clarity 3D Solver, our first product in the system analysis space, as we introduced the next phase of our system design enablement strategy to provide more capabilities and value to customers and expand our TAM.”
“We are raising our outlook for the year, as technology trends like AI and 5G continue to drive strong design activity across all lines of our business,” said John Wall, senior vice president and CFO.
For the second quarter, the company expects total revenue in the range of $575 million to $585 million. For 2019, the company expects total revenue in the range of $2.31 billion to $2.34 billion.