SAN JOSE, Calif. (AP) — SAN JOSE, Calif. (AP) — Cadence Design Systems Inc. (CDNS) on Monday reported third-quarter net income of $238.1 million.
On a per-share basis, the San Jose, California-based company said it had net income of 87 cents. Earnings, adjusted for stock option expense and non-recurring costs, came to $1.64 per share.
The results surpassed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.44 per share.
The maker of hardware and software products for validating chip designs posted revenue of $1.22 billion in the period, also exceeding Street forecasts. Eight analysts surveyed by Zacks expected $1.18 billion.
For the current quarter ending in December, Cadence expects its per-share earnings to range from $1.78 to $1.84.
The company expects full-year earnings in the range of $5.87 to $5.93 per share, with revenue ranging from $4.61 billion to $4.65 billion.
Cadence shares have dropped 7% since the beginning of the year. In the final minutes of trading on Monday, shares hit $252.77, an increase of nearly 10% 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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