SAN JOSE, CA – Cadence Design Systems reported third quarter revenue of $446 million, up 2.8% year-over-year.
On a GAAP basis, Cadence recognized net income of $65 million, down 16.7% compared to the same period in 2015.
"We continued to make progress on our System Design Enablement strategy in the third quarter, which resulted in solid financial results," said Lip-Bu Tan, president and CEO. "Our digital and signoff solutions maintained their momentum with market-shaping customers; five new systems customers, including a major aerospace company, adopted our Palladium Z1 emulation platform; and we increased our expansion into automotive functional safety verification."
For the fourth quarter, the company expects total revenue in the range of $463 million to $473 million.
For 2016, Cadence expects total revenue in the range of $1.81 billion to $1.82 billion.