Why Electronic Systems Designer Cadence Shares Are Down Premarket Today

Cadence Design Systems Inc (NASDAQ:CDNS) shares are trading lower after the company reported fourth-quarter FY23 results.

The company reported revenue of $1.069 billion, beating the consensus of $1.061 billion. 

Adjusted operating margin expanded to 43% from 36% a year ago. Adjusted EPS of $1.38 exceeded the consensus of $1.33.

The company’s year-end backlog stood at $6.0 billion, and current remaining performance obligations (contract revenue expected to be recognized as revenue in the next 12 months) came in at $3.2 …

Full story available on Benzinga.com