Cadence Design Stock Drops 4% on Lower-Than-Expected Q1 Guidance
Shares of Cadence Design Systems (NASDAQ: CDNS) declined 4% on Tuesday, following the electronics design specialist's release on the prior afternoon of its fourth-quarter 2023 report.
This drop is likely mainly attributable to first-quarter 2024 guidance coming in lighter than Wall Street had expected for both revenue and adjusted earnings. Shares might have also gotten a headwind from the broader market, as all the major indexes were down due to the government's release of the consumer price index (CPI) for January, which showed that inflation was hotter than economists had projected.
On the positive side, the company's fourth-quarter results beat Wall Street's consensus estimates for both the top and bottom lines.
Source Fool.com
