Cadence raises midpoint of 2024 profit forecast on robust demand from chip designers

Quick Summary:

Cadence Design Systems raised the midpoint of its annual profit forecast on Monday, betting on the boom in generative AI to drive demand for its software used to design complex chips that power those systems, sending its shares up 6.4 per cent in extended trading.

This compares to estimates of $1.18 billion, according to data compiled by LSEG.

The company reported a close to 20 per cent rise in revenue for the September quarter to $1.22 billion- its biggest jump in at least six quarters.

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Category: EconomyBusiness

Markets: Singapore

Topics: Software Share Design Revenue Forecast Annual Systems Company Range Cadence Billion

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-29 @ 05:14:55 (1 days ago)

News Timezone: GMT +8:00

News Source URL: channelnewsasia.com

Language: English

Article Length: 399 words

Reading Time: 3 minutes read

Sentences: 15 lines

Sentence Length: 27 words per sentence (average)

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Copyright Owner: © Channel News Asia

News ID: 23305154

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