SAN JOSE, Calif. (AP) — SAN JOSE, Calif. (AP) — Cadence Design Systems Inc. (CDNS) on Monday reported first-quarter profit of $241.8 million.
The San Jose, California-based company said it had profit of 89 cents per share. Earnings, adjusted for one-time gains and costs, were $1.29 per share.
The results topped Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.25 per share.
The maker of hardware and software products for validating chip designs posted revenue of $1.02 billion in the period, which also beat Street forecasts. Five analysts surveyed by Zacks expected $1.01 billion.
For the current quarter ending in June, Cadence expects its per-share earnings to range from $1.15 to $1.19.
The company said it expects revenue in the range of $960 million to $980 million for the fiscal second quarter.
Cadence expects full-year earnings in the range of $4.96 to $5.04 per share, with revenue ranging from $4.03 billion to $4.07 billion.
Cadence shares have increased 33% since the beginning of the year. In the final minutes of trading on Monday, shares hit $212.98, a rise of 44% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CDNS at https://www.zacks.com/ap/CDNS
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