SAN JOSE, CA – Cadence Design Systems announced fourth quarter revenues of $900 million, an increase of 16.4% compared to the $773 million in revenue for the same period in 2021.

For 2022, the company saw revenues increase 19.2% to $3.562 billion compared to the $2.988 in revenue for 2021. Looking to the end of the current quarter, the company projects revenues in the range of $1 billion to $1.02 billion, and for 2023 as a whole, anticipates revenues of $4 billion to $4.06 billion.

“Cadence delivered record results for 2022 driven by our innovative solutions and strong execution to our Intelligent System Design strategy,” said Anirudh Devgan, president and chief executive officer. “I remain confident in the long-term secular mega-trends that continue to fuel robust design activity across semi and system companies. As we start off 2023, I’m excited about our momentum and look forward to driving further innovation and customer success.”