SAN JOSE, CA
– Cadence Design Systems Inc.
reported third-quarter net earnings rose 74% to $72.7 million, on a 10% spike in sales, to $400.9 million.
Non GAAP net income totaled $97.4 million, up 16% from the same period last year.
Subscription bookings fell to 50% during the quarter as some customers moved to a new licensing model, which boosted upfront revenue. Some analysts said the shift could point to slower growth ahead.
Cadence forecast fourth-quarter revenue of $465 million to $475 million.