SAN JOSE, Calif. (AP) — SAN JOSE, Calif. (AP) — Cadence Design Systems Inc. (CDNS) on Monday reported first-quarter net income of $247.6 million.
On a per-share basis, the San Jose, California-based company said it had profit of 91 cents. Earnings, adjusted for one-time gains and costs, were $1.17 per share.
The results topped Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.13 per share.
The maker of hardware and software products for validating chip designs posted revenue of $1.01 billion in the period, meeting Street forecasts.
For the current quarter ending in June, Cadence expects its per-share earnings to range from $1.20 to $1.24.
The company said it expects revenue in the range of $1.03 billion to $1.05 billion for the fiscal second quarter.
Cadence expects full-year earnings in the range of $5.88 to $5.98 per share, with revenue ranging from $4.56 billion to $4.62 billion.
Cadence shares have climbed 4% since the beginning of the year. In the final minutes of trading on Monday, shares hit $283.77, an increase of 33% in the last 12 months.
_____
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
Copyright © 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, written or redistributed.
