SAN JOSE, Calif. (AP) _ Cadence Design Systems Inc. (CDNS) on Monday reported second-quarter earnings of $58.2 million.
The San Jose, California-based company said it had profit of 19 cents per share. Earnings, adjusted for stock option expense and amortization costs, were 27 cents per share.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 25 cents per share.
The maker of hardware and software products for validating chip designs posted revenue of $415.9 million in the period, falling short of Street forecasts. Four analysts surveyed by Zacks expected $418.2 million.
For the current quarter ending in September, Cadence expects its per-share earnings to range from 25 cents to 27 cents.
The company said it expects revenue in the range of $423 million to $433 million for the fiscal third quarter.
Cadence expects full-year earnings in the range of $1 to $1.06 per share, with revenue ranging from $1.69 billion to $1.72 billion.
Cadence shares have stayed the same since the beginning of the year. In the final minutes of trading on Monday, shares hit $18.97, an increase of 12 percent 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 http://www.zacks.com/ap/CDNS
Keywords: Cadence Design Systems, Earnings Report
Automated Insights, source Associated Press News