Shares of Cadence Design Systems Inc.
CDNS,
+0.54%,
a maker of electronic-design-automation software, dipped more than 4% Monday after it reported third-quarter earnings that beat Wall Street estimates but offered outlook for its current fourth quarter that disappointed investors. Cadence said it earned an adjusted $1.26 a share on sales of $1.02 billion, topping the projections of analysts polled by FactSet. They had expected earnings of $1.20 a share on sales of $1 billion. In the same quarter a year ago, Cadence reported earnings of $1.06 a share on sales of $903 million. For the current fourth quarter, Cadence forecast adjusted earnings of $1.33 a share on sales of $1.06 billion — about the midpoint of its guidance. Wall Street is forecasting earnings of $1.37 a share on sales of $1.07 billion for the fourth quarter.
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