SAN JOSE, CA – Cadence Design Systems reported second quarter revenue of $638 million, up 10% year-over-year.
GAAP net income was $131 million, an increase of 22.4% compared to the second quarter of 2019.
“Cadence has adapted well to the difficult environment, continuing to innovate and delight customers, while delivering outstanding results for shareholders,” said CEO Lip-Bu Tan. “While these are uncertain times, design activity remains strong, and our intelligent system design strategy has us well positioned to take advantage of these opportunities. To ensure business continuity, we are further investing in infrastructure and collaboration platforms to maintain high levels of productivity and innovation.”
“Cadence exceeded all of its key financial metrics for the second quarter, and we are raising our outlook for the year to 11% revenue growth and 33% non-GAAP operating margin,” said John Wall, senior vice president and CFO. “Cadence operated from approximately 50 sites across the globe before the pandemic, and we are now operating from a distributed network of more than 8,000 homes. We are blessed to have such a strong and versatile global leadership group. I am very impressed and thankful for how our team is not only rising to the challenge but thriving in this environment.”
For the third quarter, the company expects total revenue in the range of $630 million to $650 million. For 2020, Cadence expects total revenue in the range of $2.585 billion to $2.615 billion.