Cadence Design Systems reported Q2 2024 revenue of $1.061 billion, up from $977 million in Q2 2023, with quarter-end backlog reaching $6.0 billion. GAAP operating margin was 28% compared to 31% last year, while non-GAAP operating margin was 40% versus 42%. GAAP diluted EPS rose to $0.84 from $0.81.The company saw robust demand for its AI technologies, with strong momentum in the Cadence.AI portfolio and next-generation Z3/X3 hardware systems. A major development partner broadly deployed Palladium Z3 for next-generation AI products, while the IP business continued strong growth driven by AI, 3D-IC and HPC applications.For fiscal 2024, Cadence updated its outlook, projecting revenue between $4.60-4.66 billion, representing 13% year-over-year growth. Q3 2024 revenue is expected to be $1.165-1.195 billion with non-GAAP operating margin of 40.7-42.3% and non-GAAP EPS of $1.39-1.49.

Cadence Design Systems reported Q2 2024 revenue of $1.061 billion, up from $977 million in Q2 2023, with quarter-end backlog reaching $6.0 billion. GAAP operating margin was 28% compared to 31% last year, while non-GAAP operating margin was 40% versus 42%. GAAP diluted EPS rose to $0.84 from $0.81.The company saw robust demand for its AI technologies, with strong momentum in the Cadence.AI portfolio and next-generation Z3/X3 hardware systems. A major development partner broadly deployed Palladium Z3 for next-generation AI products, while the IP business continued strong growth driven by AI, 3D-IC and HPC applications.For fiscal 2024, Cadence updated its outlook, projecting revenue between $4.60-4.66 billion, representing 13% year-over-year growth. Q3 2024 revenue is expected to be $1.165-1.195 billion with non-GAAP operating margin of 40.7-42.3% and non-GAAP EPS of $1.39-1.49.