Benzinga | Oct 19, 2020 04:21PM EDT

Recap: Cadence Design Systems Q3 Earnings

Shares of Cadence Design Systems (NASDAQ:CDNS) rose 2.2% after the company reported Q3 results.

Quarterly Results

Earnings per share increased 29.63% year over year to $0.70, which beat the estimate of $0.61.

Revenue of $666,607,000 up by 15.01% from the same period last year, which beat the estimate of $641,470,000.

Guidance

Earnings guidance hasn't been issued by the company for now.

Revenue guidance hasn't been issued by the company for now.

Details Of The Call

Date: Oct 19, 2020

Time: 05:00 PM

ET Webcast URL: https://event.on24.com/eventRegistration/EventLobbyServlet?target=reg20.jsp&referrer=https%3A%2F%2Fwww.cadence.com%2F&eventid=2633909&sessionid=1&key=A12E634092D3550811D66DE415D89AA1&regTag=&sourcepage=register

Price Action

Company's 52-week high was at $118.22

Company's 52-week low was at $51.39

Price action over last quarter: Up 9.49%

Company Description

Cadence Design Systems was founded in 1988 after the merger of ECAD and SDA Systems. Cadence is known as an electronic design automation, or EDA, firm that specializes in developing software, hardware, and intellectual property that automates the design and verification of integrated circuits or larger chip systems. Historically, the firm's tools have been relied on by semiconductor firms, but there has been a shift toward other nontraditional "systems" users given the development of the Internet of Things, artificial intelligence, autonomous vehicles, and cloud computing. Cadence is headquartered in Silicon Valley, has approximately 7,600 employees worldwide, and was added to the S&P 500 in late 2017.