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Cadence: 2Q Earnings Snapshot

July 22, 2019

SAN JOSE, Calif. (AP) _ Cadence Design Systems Inc. (CDNS) on Monday reported second-quarter earnings of $107.2 million.

On a per-share basis, the San Jose, California-based company said it had profit of 38 cents. Earnings, adjusted for stock option expense and non-recurring costs, came to 57 cents per share.

The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 53 cents per share.

The maker of hardware and software products for validating chip designs posted revenue of $580.4 million in the period, which also beat Street forecasts. Five analysts surveyed by Zacks expected $579.1 million.

For the current quarter ending in October, Cadence expects its per-share earnings to range from 50 cents to 52 cents.

The company said it expects revenue in the range of $570 million to $580 million for the fiscal third quarter.

Cadence expects full-year earnings in the range of $2.11 to $2.17 per share, with revenue ranging from $2.32 billion to $2.34 billion.

Cadence shares have increased 67% since the beginning of the year. In the final minutes of trading on Monday, shares hit $72.57, an increase of 61% in the last 12 months.

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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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