By Ben Glickman
Cadence Design Systems’ third-quarter profit rose above expectations as the company benefited from interest in artificial intelligence.
The San Jose, Calif.-based software company posted a third-quarter profit of $254 million, or 93 cents a share, compared with $186.3 million, or 68 cents a share, a year earlier. Analysts polled by FactSet expected per-share earnings of 77 cents.
Stripping out certain one-time items, adjusted per-share earnings came to $1.26, ahead of the $1.20 forecast by analysts, according to FactSet.
Revenue rose to $1.023 billion from $903 million a year ago, beating the $1.002 billion expected by analysts polled by FactSet.
Chief Executive Anirudh Devgan said trends such as artificial intelligence and autonomous driving fueled use of the company’s services.
Write to Ben Glickman at ben.glickman@wsj.com
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