SAN JOSE, CA – Cadence Design Systems reported third-quarter revenue of $400 million, up 9% year-over-year. The electronic design software company reported GAAP net income of $38 million, down 2.6% compared to 2013.

"Cadence continued to drive growth in the third quarter, with wins in core EDA and our expanding systems business," said Lip-Bu Tan, president and CEO. "We won significant new business in digital and signoff. We announced two new products in the third quarter."

The company expects fourth-quarter revenue of $417 million to $427 million and full-year sales of $1.575 billion to $1.585 billion.