SAN JOSE, Calif. (AP) — SAN JOSE, Calif. (AP) — Cadence Design Systems Inc. (CDNS) on Monday reported third-quarter profit of $287.1 million.
The San Jose, California-based company said it had net income of $1.05 per share. Earnings, adjusted for stock option expense and costs related to mergers and acquisitions, were $1.93 per share.
The results exceeded Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.79 per share.
The maker of hardware and software products for validating chip designs posted revenue of $1.34 billion in the period, also beating Street forecasts. Eight analysts surveyed by Zacks expected $1.33 billion.
For the current quarter ending in December, Cadence expects its per-share earnings to range from $1.88 to $1.94.
The company expects full-year earnings in the range of $7.02 to $7.08 per share, with revenue ranging from $5.26 billion to $5.29 billion.
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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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