Cadence Design Systems said revenue climbed in the fourth quarter, but guided for a weaker topline performance.
The San Jose, Calif.-based software company on Monday posted a fourth-quarter net profit of $323.9 million, or $1.19 a share, compared with $240.4 million, or 88 cents a share, for the same period a year ago.
Stripping out one-time items, the company’s earnings per share came in at $1.38. Analysts polled by FactSet forecast lower adjusted earnings per share of $1.26.
Revenue climbed 19% to $1.07 billion, beating analysts expectations of $1.06 billion.
For the first quarter, Cadence Design guided for revenue of $990 million to $1.01 billion, down from reported revenue of $1.02 billion for the same period a year earlier, and below analysts expectations of $1.09 billion, according to FactSet.
The company also guided for quarterly adjusted earnings per share of $1.10 to $1.14, missing analysts’ expectations of $1.37.
For 2024, Cadence Design forecasts revenue of $4.55 billion to $4.61 billion, while analysts polled by FactSet forecast $4.08 billion, and adjusted earnings per share of $5.87 to $5.97. Wall Street forecasts $5.11 a share.