SAN JOSE, CA – Cadence Design Systems reported second quarter revenue of $453 million, up 9% year-over-year.  

On a GAAP basis, Cadence recognized net income of $49 million, down 15.5% compared to the same period in 2015.

System interconnect and analysis accounted for 10% of revenue, compared to 11% in the second quarter of 2016 and 9% in the first quarter of 2016.

"The second quarter was highlighted by strong business with systems companies across multiple vertical segments," said Lip-Bu Tan, president and CEO. "Demand for our new Palladium Z1 emulation platform led to another record quarter for hardware revenue, and we introduced the next generation of our OrCAD and Allegro families of printed circuit board design products with support for flexible board technology."

"Since our current stock repurchase program began in the third quarter of 2015,” said Geoff Ribar, senior vice president and CFO, “we have repurchased a total of 32.9 million shares for $720 million, representing approximately 11% of shares outstanding."

For the third quarter, the company expects total revenue in the range of $440 million to $450 million. For 2016, Cadence expects total revenue in the range of $1.8 billion to $1.83 billion.

Register now for PCB West, the Silicon Valley's largest trade show for the printed circuit industry, taking place Sept. 13-15 in Santa Clara: PCBWEST.COM
 

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