SAN JOSE, Calif. (AP) — SAN JOSE, Calif. (AP) — Cadence Design Systems Inc. (CDNS) on Monday reported first-quarter net income of $335.7 million.
The San Jose, California-based company said it had net income of $1.23 per share. Earnings, adjusted for one-time gains and costs, were $1.96 per share.
The results topped Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $1.88 per share.
The maker of hardware and software products for validating chip designs posted revenue of $1.47 billion in the period, which also beat Street forecasts. Three analysts surveyed by Zacks expected $1.45 billion.
For the current quarter ending in June, Cadence expects its per-share earnings to range from $2.02 to $2.08.
The company expects full-year earnings in the range of $7.85 to $7.95 per share, with revenue ranging from $6.13 billion to $6.23 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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