SAN JOSE, CA – Cadence Design Systems announced year-over-year revenue growth of 20% for its Systems Design and Analysis Segment.

As a whole, the company's revenue of $1.06 billion represented a growth of 8.5% compared to the $977 million in revenue for 2023's second quarter.

"Cadence delivered strong results for the second quarter of 2024, with robust demand for our cutting-edge technologies from AI, hyperscale, and automotive customers," said Anirudh Devgan, president and chief executive officer. "I'm pleased with the strong momentum of our Cadence.AI portfolio and our next generation Z3/X3 hardware systems, and am excited about the growing demand for our industry leading products from an expanding foundry ecosystem."

"I am pleased with our strong Q2 results. We exceeded our outlook on all key financial metrics, closing Q2 with backlog of approximately $6 billion," said John Wall, senior vice president and chief financial officer. "A good finish to the first half of the year, combined with ongoing demand for our solutions, sets us up for strong growth in the second half of 2024."

For the third quarter, the company expects revenue between $1.165 billion and $1.195 billion, and for the full year, expects revenue in the range of $4.6 billion to $4.66 billion.