04:39 PM EDT, 04/22/2024 (MT Newswires) -- Cadence Design Systems ( CDNS ) first-quarter results fell year-over-year, while the computational software company late Monday provided a downbeat financial outlook for the current three-month period.

Revenue slipped to $1.01 billion for the quarter through March 31 from last year's $1.02 billion, which was the Capital IQ-polled consensus. Adjusted per-share earnings declined to $1.17 from $1.29 a year earlier, but topped the $1.13 consensus.

Product and maintenance revenue declined to $913.4 million from $963.7 million, while services rose to $95.7 million from $57.9 million. Cadence Design Systems ( CDNS ) delivered record bookings and achieved an all-time high backlog of about $6 billion, Chief Financial Officer John Wall said in a statement.

Cadence projects second-quarter adjusted EPS of $1.20 to $1.24 on revenue between $1.03 billion and $1.05 billion. Analysts polled by Capital IQ expect $1.43 and $1.11 billion, respectively.

The company's shares were down about 9% in after-hours trade.

Cadence said it now expects full-year adjusted EPS of $5.88 to $5.98, up from the previous projection of $5.87 to $5.97. Revenue is pegged at $4.56 billion to $4.62 billion, compared with $4.55 billion to $4.61 billion previously. Wall Street is looking for normalized EPS of $5.94 on revenue of $4.59 billion for the full year.