Why Cadence Design Systems Rocketed Higher Today
Shares of semiconductor design software company Cadence Design Systems (NASDAQ: CDNS) were rallying on Tuesday, and up by 12.4% as of 2:55 p.m. ET.
Cadence is one of two major firms producing software that enables chipmakers to design semiconductors. With more and more companies now designing their own semiconductors, and with the major chip companies diversifying their offerings, Cadence made news Monday night by delivering a third-quarter report featuring accelerating growth and a strong forecast for even more in the current quarter.
In the third quarter, Cadence's revenue grew by 19% to $1.215 billion, slightly beating expectations, but adjusted (non-GAAP) earnings per share rose by 30.2% to $1.64, smashing analysts' consensus expectation for $1.44.
Source Fool.com
