Why Cadence Design Systems Stock Plummeted Today

Shares of Cadence Design Systems (NASDAQ: CDNS) plummeted by as much as 10% Tuesday morning after the company delivered its first-quarter report. The results topped expectations, but management's sales outlook for the second quarter was lacking. As of 11:54 a.m. EST, the stock was still down by 8.1%.

Revenue in the first quarter was $736 million, topping the analysts' consensus estimate of $717.8 million. Adjusted net income came in at $231 million, or $0.83 per share. Analysts were modeling for $0.74 per share in adjusted profits.

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Source Fool.com