Cadence: Q3 Earnings Snapshot

SAN JOSE, Calif. (AP) — SAN JOSE, Calif. (AP) — Cadence Design Systems Inc. (CDNS) on Monday reported third-quarter earnings of $289.7 million.

On a per-share basis, the San Jose, California-based company said it had net income of $1.05. Earnings, adjusted for one-time gains and costs, were $2.11 per share.

The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $2.04 per share.

The maker of hardware and software products for validating chip designs posted revenue of $1.63 billion in the period, which also topped Street forecasts. Six analysts surveyed by Zacks expected $1.61 billion.

For the current quarter ending in December, Cadence expects its per-share earnings to range from $2.19 to $2.25.

The company expects full-year earnings in the range of $8.37 to $8.43 per share, with revenue ranging from $6.39 billion to $6.42 billion.

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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