Cadence Plunges on Reduced Outlook, New Rev Model

July 23, 2008 at 3:28 pm PT

Cadence Design Systems (CDNS) shares have fallen steeply in after-hours trading after the company announced a change in the way it does business that resulted in much lower than expected guidance for both the third quarter and all of 2008.

For its second quarter, the electronic design automation software company posted revenue of $329 million and non-GAAP profits of 14 cents a share, compared with Street expectations of $316.2 million and 14 cents. In a statement, CEO Mike Fister said that while the company hit its numbers, “it was more difficult than we planned.”

Read the rest of this post

Tagged with: Barrons, Cadence Design Systems, Eric Savitz, frontpage, Mike Fister, Tech Trader Daily

comments so far. Add yours.

About Voices

Along with original content and posts from across the Dow Jones network, this section of AllThingsD includes Must-Reads From Other Web Sites — pieces we’ve read, discussions we’ve followed, stuff we like. Six posts from external sites are included here each weekday, but we only run the headlines. We link to the original sites for the rest. These posts are explicitly labeled, so it’s clear that the content comes from other Web sites, and for clarity’s sake, all outside posts run against a pink background.

We also solicit original full-length posts and accept some unsolicited submissions.

Voices is edited by Beth Callaghan.