SAN JOSE, Calif. (AP) — SAN JOSE, Calif. (AP) — Cadence Design Systems Inc. (CDNS) on Monday reported first-quarter earnings of $273.6 million.
The San Jose, California-based company said it had profit of $1 per share. Earnings, adjusted for one-time gains and costs, were $1.57 per share.
The results topped Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.49 per share.
The maker of hardware and software products for validating chip designs posted revenue of $1.24 billion in the period, which met Street forecasts.
Cadence expects full-year earnings in the range of $6.73 to $6.83 per share, with revenue in the range of $5.15 billion to $5.23 billion.
Cadence shares have decreased 4.5% since the beginning of the year. In the final minutes of trading on Monday, shares hit $286.88, a climb of roughly 2% 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