SAN JOSE, CA – Cadence Design Systems announced third quarter revenue of $132.6 million in its System Design and Analysis unit, an increase of 22.7% over the $108 million in revenue for last year's third quarter.

As a whole, Cadence reported third quarter revenue of $1.02 billion, compared to revenue of $903 million for the same period in 2022.

“I’m pleased with our strong Q3 performance and our relentless focus on driving innovation and delighting our customers,” said Anirudh Devgan, president and chief executive officer. “Generational trends including AI, HPC, and autonomous driving continue to fuel robust design activities, and 3D-IC designs are accelerating. We are excited about the momentum of our JedAI platform based Generative AI applications that are delivering breakthrough results for our customers.”

“Cadence delivered yet another strong quarter of top and bottom-line results in Q3, driven by growth across our businesses,” said John Wall, senior vice president and chief financial officer. “Our team’s strong execution and operational efficiency allowed us to raise our outlook for the year.”

For the fourth quarter of 2023, the company expects total revenue in the range of $1.04 billion to $1.08 billion, and for the full year, the company expects total revenue in the range of $4.06 billion to $4.1 billion.

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