Investing.com - Cadence Design (NASDAQ:CDNS) reported on Wednesday fourth quarter earnings that beat analysts' forecasts and revenue that topped expectations.
Cadence Design announced earnings per share of $0.54 on revenue of $599.6M. Analysts polled by Investing.com anticipated EPS of $0.53 on revenue of $595.75M. That with comparison to EPS of $0.52 on revenue of $569.85M in the same period a year before. Cadence Design had reported EPS of $0.54 on revenue of $579.6M in the previous quarter. Analysts are expecting EPS of $0.57 and revenue of $608.16M in the upcoming quarter.
Cadence Design shares are up 11.27% from the beginning of the year , still down 0.05% from its 52 week high of $77.22 set on February 12. They are outperforming the S&P 500 which is up 4.14% year to date.
Cadence Design shares gained 3.98% in after-hours trade following the report.
Cadence Design follows other major Technology sector earnings this month
Cadence Design's report follows an earnings beat by Apple on January 28, who reported EPS of $4.99 on revenue of $91.82B, compared to forecasts EPS of $4.54 on revenue of $88.51B.
Microsoft had beat expectations on January 29 with second quarter EPS of $1.51 on revenue of $36.91B, compared to forecast for EPS of $1.05 on revenue of $32,512M.
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