On July 28, Cadence Design rose 3.44% in pre-market trading, trading at $350.0/share, with turnover of $266,300. The stock surged following the release of strong Q2 results after the prior session's close, with earnings and revenue surpassing Wall Street expectations and full-year guidance raised above consensus.

Cadence reported Q2 revenue of $1.58 billion, up 24% year-over-year, slightly beating the consensus estimate of $1.577 billion. Adjusted EPS came in at $2.11, exceeding the analyst estimate of $2.06 and representing a 28% increase from $1.65 a year earlier. Non-GAAP operating margin expanded to 45.5% from 42.8%, driven by broad-based growth across all business segments. The company raised its full-year adjusted EPS guidance to $8.05-$8.15, up from prior guidance of $7.85-$7.95, versus the FactSet consensus of $7.94. Full-year revenue outlook was lifted to $6.26-$6.34 billion from $6.13-$6.23 billion. Management cited sustained demand for AI-driven semiconductor design tools and record backlog orders as the primary catalysts for the upgraded outlook.

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