SAN JOSE, Calif. (AP) _ Cadence Design Systems Inc. (CDNS) on Monday reported second-quarter net income of $131.3 million.
The San Jose, California-based company said it had profit of 47 cents per share. Earnings, adjusted for stock option expense and non-recurring costs, came to 66 cents per share.
The results topped Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 52 cents per share.
The maker of hardware and software products for validating chip designs posted revenue of $638.4 million in the period, which also beat Street forecasts. Four analysts surveyed by Zacks expected $592.5 million.
For the current quarter ending in October, Cadence expects its per-share earnings to range from 59 cents to 61 cents.
The company said it expects revenue in the range of $630 million to $650 million for the fiscal third quarter.
Cadence expects full-year earnings in the range of $2.50 to $2.56 per share, with revenue ranging from $2.59 billion to $2.62 billion.
Cadence shares have risen 50% since the beginning of the year. In the final minutes of trading on Monday, shares hit $103.70, a climb of 39% in the last 12 months.