SAN JOSE, CA – Cadence Design Systems reported second quarter revenue of $728 million, up 14.1% year-over-year.

On a GAAP basis, the company recognized net income of $156 million, an increase of 19.1% compared to the same period in 2020.

“Cadence delivered outstanding financial results for the second quarter on broad-based customer demand as the Cadence team continues to execute exceedingly well,” said CEO Lip-Bu Tan. “Generational drivers are fueling strong design activity, and our ISD strategy coupled with a strong innovation engine that has led to introducing eight significant new products so far this year positions us extremely well to delight our customers and accelerate growth.”

“Cadence exceeded all of its key financial metrics for the second quarter, and as a result we are raising our outlook for the year,” said John Wall, senior vice president and CFO.

For the third quarter, Cadence expects total revenue in the range of $730 million to $750 million. For 2021, the company expects total revenue in the range of $2.925 billion to $2.965 billion.