{"id":5134,"date":"2023-10-24T22:58:37","date_gmt":"2023-10-24T22:58:37","guid":{"rendered":"https:\/\/infundpros.com\/investment\/cadence-design-systems-3q-profit-rises-amid-ai-interest\/"},"modified":"2023-10-24T22:58:38","modified_gmt":"2023-10-24T22:58:38","slug":"cadence-design-systems-3q-profit-rises-amid-ai-interest","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=5134","title":{"rendered":"Cadence Design Systems 3Q Profit Rises Amid AI Interest"},"content":{"rendered":"
\n

By Ben Glickman<\/p>\n

Cadence Design Systems’ third-quarter profit rose above expectations as the company benefited from interest in artificial intelligence.<\/p>\n

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.<\/p>\n

\n

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.<\/p>\n

Revenue rose to $1.023 billion from $903 million a year ago, beating the $1.002 billion expected by analysts polled by FactSet.<\/p>\n

Chief Executive Anirudh Devgan said trends such as artificial intelligence and autonomous driving fueled use of the company’s services.<\/p>\n

<\/pre>\n
Write to Ben Glickman at ben.glickman@wsj.com<\/p>\n<\/p><\/div>\n<\/div>\n
Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"
By Ben Glickman Cadence Design Systems’ third-quarter profit rose above expectations as the company benefited from interest in artificial intelligence. 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