Cadence: Q2 Earnings Snapshot

SAN JOSE, Calif. (AP) — SAN JOSE, Calif. (AP) — Cadence Design Systems Inc. (CDNS) on Monday reported second-quarter net income of $229.5 million.

The San Jose, California-based company said it had profit of 84 cents per share. Earnings, adjusted for one-time gains and costs, were $1.28 per share.

The results beat Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.23 per share.

The maker of hardware and software products for validating chip designs posted revenue of $1.06 billion in the period, also beating Street forecasts. Six analysts surveyed by Zacks expected $1.05 billion.

For the current quarter ending in September, Cadence expects its per-share earnings to range from $1.39 to $1.49.

The company said it expects revenue in the range of $4.6 billion to $4.66 billion for the fiscal third quarter.

Cadence expects full-year earnings in the range of $5.77 to $5.97 per share, with revenue ranging from $1.17 billion to $1.2 billion.

Cadence shares have risen almost 6% since the beginning of the year. In the final minutes of trading on Monday, shares hit $287.69, a climb of 20% 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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