SAN JOSE, CA – Cadence Design Systems reported second quarter fiscal 2015 revenue of $416 million, up 9.8% year-over-year.

On a GAAP basis, the firm recognized net income of $58 million for the quarter, an increase of 152% compared to the same period in 2014.

"The second quarter was highlighted by the introduction of more innovative new products, key wins with market shaping customers and strong financial performance," said Lip-Bu Tan, president and CEO.  "We launched the Genus Synthesis Solution, our next-generation RTL physical synthesis engine, and the Indago Debug Platform, which uses big data techniques to speed the verification process. Cadence has now introduced more than a dozen innovative new products in the past two years. We are pleased to announce a new $1.2 billion stock repurchase program."

Cadence's $1.2 billion stock repurchase program replaces its existing $450 million program. Cadence expects to repurchase $1.2 billion of its common stock over the next six quarters through the end of fiscal 2016.

For the third quarter, the company expects revenue in the range of $423 million to $433 million. For 2015, Cadence expects revenue in the range of $1.685 billion to $1.715 billion.  

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