Cadence(CDNS) Q2 Revs,Profits Beat Street Estimates

Cadence Design Systems (CDNS) reported better-than-expected Q2 results.

For the quarter, the EDA software company reported revenue of $227 million and non-GAAP profits of 7 cents a share, ahead of the Street consensus of $220.9 million and 3 cents.

For Q3, the company sees revenue of $225 million to $235 million and non-GAAP profits of 1-3 cents a share; the Street has been projecting $225.5 million and 5 cents.

For the full year, Cadence is forecasting revenue of $900 million to $925 million, and non-GAAP profits of 12-16 cents a share; the Street has been anticipating $877.1 million and 15 cents.

In late trading, CDNS is up 20 cents, or 3.1%, to $6.65.

source:Barrons