July 24 (Reuters) - Cadence Design Systems Inc (CDNS.O) on Monday raised its full-year revenue forecast to slightly above Wall Street estimates, as a surge in artificial intelligence (AI) innovation fueled demand for custom semiconductor design.
But the company's current quarter forecast had a midpoint slightly below analyst estimates, sending shares down 4.4% at $230.60 in after-hours trading.
Cadence forecast full-year revenue between $4.05 billion and $4.09 billion, largely above analysts' average estimate of $4.06 billion, according to Refinitiv data.
But the company gave a revenue forecast of $995.5 million in the current quarter, below Refinitiv estimates of $1.01 billion.
Chief Executive Anirudh Devgan said one of the company's large customers recently used its AI software to improve chip power efficiency.
Persons:
Anirudh Devgan, Devgan, Tanya Jain, Akash Sriram, Devika Syamnath, Chris Reese
Organizations:
Cadence Design Systems, Nvidia, Devices, Cadence, Revenue, Synopsys Inc, Thomson
Locations:
Bengaluru