CADENCE DESIGN SYSTE

CDNS
Delayed Quote. Delayed  - 11/27 01:00:00 pm
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Cadence: 3Q Earnings Snapshot

10/19/2020 | 04:16pm

SAN JOSE, Calif. (AP) _ Cadence Design Systems Inc. (CDNS) on Monday reported third-quarter earnings of $161.6 million.

On a per-share basis, the San Jose, California-based company said it had net income of 58 cents. Earnings, adjusted for one-time gains and costs, were 70 cents per share.

The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 61 cents per share.

The maker of hardware and software products for validating chip designs posted revenue of $666.6 million in the period, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $640.7 million.

For the current quarter ending in December, Cadence expects its per-share earnings to range from 72 cents to 76 cents.

The company said it expects revenue in the range of $720 million to $740 million for the fiscal fourth quarter.

Cadence expects full-year earnings in the range of $2.68 to $2.72 per share, with revenue ranging from $2.64 billion to $2.66 billion.

Cadence shares have climbed 63% since the beginning of the year. In the final minutes of trading on Monday, shares hit $113.22, a rise of 72% 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 by Automated Insights, Inc. All rights reserved., source Associated Press News

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