SAN JOSE, Calif. (AP) _ Cadence Design Systems Inc. (CDNS) on Monday reported second-quarter earnings of $49.3 million.
On a per-share basis, the San Jose, California-based company said it had net income of 17 cents. Earnings, adjusted for one-time gains and costs, came to 29 cents per share.
The results beat Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 28 cents per share.
The maker of hardware and software products for validating chip designs posted revenue of $453 million in the period, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $449.7 million.
For the current quarter ending in October, Cadence expects its per-share earnings to range from 27 cents to 29 cents.
The company said it expects revenue in the range of $440 million to $450 million for the fiscal third quarter.
Cadence expects full-year earnings in the range of $1.17 to $1.23 per share, with revenue ranging from $1.8 billion to $1.83 billion.
Cadence shares have increased 26 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $26.13, a climb of 35 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