SAN JOSE, CA – Cadence Design Systems announced a 47% year-over-year increase in third quarter revenue for its System Design & Analysis segment.

As a whole, the company's quarterly revenue of $1.2 billion marked a year-over-year increase of 19%.

“Cadence delivered exceptional results for the third quarter of 2024, driven by broad-based strength across our portfolio, especially in IP, SD&A, and hardware systems,” said Anirudh Devgan, president and chief executive officer. “Customers are achieving outstanding results with Cadence.AI, and I’m excited by its accelerating proliferation as AI rapidly becomes an integral part of the design workflow.”

“I am pleased to report that Cadence delivered strong Q3 results, with total revenue growing 19% year-over-year. Our Q3 recurring revenue growth returned to low teens on a year-over-year basis, and China revenue continues to improve, representing 13% of our total revenue for Q3,” said John Wall, senior vice president and chief financial officer. “Our Q4 bookings pipeline looks exceptionally strong, and we are well positioned to deliver a strong 2024.”

For fiscal year 2024, the company expects revenue in the range of $4.61 billion to $4.65 billion.