04:53 PM EDT, 04/22/2024 (MT Newswires) -- Cadence Design Systems ( CDNS ) reported Q1 non-GAAP earnings late Monday of $1.17 per diluted share, down from $1.29 a year earlier.

Analysts polled by Capital IQ expected $1.13.

Revenue for the quarter that ended March 31 was $1.01 billion, down from $1.02 billion a year earlier.

Analysts surveyed by Capital IQ expected $1.02 billion.

The company expects Q2 non-GAAP earnings of $1.20 to $1.24 per diluted share on revenue of $1.03 billion to $1.05 billion. Analysts surveyed by Capital IQ expect $1.43 and $1.11 billion, respectively.

It expects fiscal 2024 non-GAAP earnings of $5.88 to $5.98 per diluted share on sales of $4.56 billion to $4.62 billion. Analysts surveyed by Capital IQ expect $5.94 and $4.59 billion, respectively. The company had previously guided full-year revenue of $4.55 billion to $4.61 billion and non-GAAP earnings of $5.87 to $5.97 per diluted share.

Shares of the company traded 8.8% lower in after-hours activity.