SAN JOSE, CA – Cadence Design Systems reported $102.1 million in sales in its System Design and Analysis unit, an increase of 13% from the same quarter in 2022.

As a whole, the company saw first quarter revenue of $1.02 billion, compared to last year's first-quarter revenue of $902 million, and expects total revenue in the range of $960 million to $980 million for the second quarter.

“Cadence delivered strong results for the first quarter driven by our consistent execution and continued momentum in the core EDA and System Design & Analysis businesses,” said Anirudh Devgan, president and chief executive officer. “With the recent introductions of Virtuoso Studio and Allegro X AI, we now have an unmatched ‘chip to package to board to systems’ Generative AI portfolio underpinned by our differentiated JedAI platform and delivering unprecedented quality of results and productivity benefits.”

“I am pleased to report that we exceeded all of our key operating metrics for the quarter,” said John Wall, senior vice president and chief financial officer. “We had a good start to the year. With the increase in our outlook, we now expect revenue growth for 2023 at approximately 14%.”

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