Cadence Design Systems has seen revenue growth of around 7%, with a total income of $1.943billion in 2017, compared to $1.816bn in 2016.

It has now revealed revenue totals for the fourth quarter of 2017 at $502 million, compared to revenue of $469 million reported for the same period in the previous year.

“Cadence continues to capitalise on the growth opportunities presented by the new trends,” said John Wall, chief financial officer. “As a result, during the fourth quarter, we met or exceeded our key operating metrics and delivered strong financial results for the fiscal year.”

“Through the execution of our System Design Enablement Strategy and our innovative solutions, Cadence delivered strong performance for our shareholders,” added Lip-Bu Tan, chief executive officer. “The Data-Driven Economy is emerging as the new paradigm and has key underlying technology waves, including mobile, cloud/datacentre, edge computing and automotive. We are confident that we are well positioned to provide enablement solutions to fuel and ride with these technology waves.”

Candence is expecting a total revenue in the range of $500 million to $510 million for the first quarter of 2018 and predicts 2018 to see continued growth, with an anticipated total revenue in the range of $2.015 billion to $2.055 billion.

“We are excited about the opportunities we see to drive top line growth in 2018,” John said. “We also expect to continue to deliver shareholder value by repurchasing approximately $50 million of Cadence common stock per quarter through 2018.”