BlackRock, Inc., the world’s largest asset manager, has reported a highly successful third quarter for 2024, marked by strong financial growth. The firm’s total assets under management (AUM) surged to a record $11.5 trillion, driven by $221 billion in net inflows during the quarter. This represents a significant year-over-year increase of $2.4 trillion in AUM, showcasing BlackRock's continued leadership in the asset management industry.
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Cadence Reports Strong Q2 2024 Results, Projects 13% Revenue Growth
SAN JOSE, Calif.— Cadence Design Systems, Inc. (Nasdaq: CDNS) has reported robust financial results for the second quarter of 2024, marking a successful period driven by high demand from AI, hyperscale, and automotive sectors. Here’s a detailed look at the highlights and future outlook based on their recent announcement.
Second Quarter 2024 Financial Highlights:
- Revenue Surge: The company achieved a revenue of $1.061 billion, up from $977 million in Q2 2023.
- Operating Margins: The GAAP operating margin stood at 28%, and the non-GAAP operating margin was 40%.
- Net Income Growth: GAAP diluted net income per share increased to $0.84, and non-GAAP diluted net income per share rose to $1.28.
- Backlog and Performance Obligations: The quarter-end backlog reached $6.0 billion, with current remaining performance obligations (cRPO) at $3.1 billion.
Strategic Business Highlights:
- Cadence.AI Portfolio: The Cadence.AI portfolio is gaining significant traction, offering advanced chip-to-systems design capabilities. This portfolio enhances customers' productivity and quality of results.
- IP Business Growth: AI, 3D-IC, and HPC applications are driving demand for Cadence’s IP titles, particularly at the most advanced nodes.
- Palladium Z3 Deployment: A major long-term development partner has broadly deployed the Palladium Z3 system, reinforcing Cadence’s leadership in verification technology.
- BAE CAE Acquisition: The acquisition of BETA CAE has expanded Cadence’s capabilities to offer a comprehensive multiphysics platform covering electromagnetics, electrothermal, CFD, and structural analysis solutions.
Optimistic Business Outlook:
For fiscal year 2024, Cadence Design Systems has updated its revenue outlook, projecting a 13% year-over-year growth with revenue expected to be in the range of $4.60 billion to $4.66 billion. The company anticipates a GAAP operating margin between 29.7% and 31.3%, and a non-GAAP operating margin between 41.7% and 43.3%.
Q3 2024 Expectations:
- Revenue Projection: Revenue is expected to range from $1.165 billion to $1.195 billion.
- Operating Margins: GAAP operating margin is forecasted between 27.7% and 29.3%, while non-GAAP operating margin is anticipated to be between 40.7% and 42.3%.
- Earnings Per Share: GAAP diluted net income per share is expected to range from $0.83 to $0.93, with non-GAAP diluted net income per share projected between $1.39 and $1.49.
Leadership Commentary:
Anirudh Devgan, president and CEO of Cadence, expressed satisfaction with the company’s performance and the growing momentum of their AI portfolio and next-generation hardware systems. John Wall, CFO, highlighted the strong finish to the first half of the year and the solid foundation for continued growth in the latter half of 2024.
Source: CDNS
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