SAN JOSE – Cadence Design Systems reported third quarter System Design and Analysis revenue of $82.6 million, 11% of total revenue, up 12.6% year-over-year.
The firm’s total revenue increased 12.6% year-over-year to $750.9 million.
Earnings were $176.3 million, up 9% compared to the third quarter of 2020. The company posted adjusted earnings of $221.6 million.
"Cadence delivered stronger-than-expected financial results for the third quarter, fueled by accelerating demand for our highly differentiated solutions," said CEO Lip-Bu Tan. "Design activity remains robust, and the Cadence team continues to execute exceedingly well to our intelligent system design strategy."
As of Oct. 2, the company had cash and cash equivalents of more than $1 billion, compared to $928.4 million as of Jan. 2.
Cadence expects fourth quarter revenue of $745 million to $765 million and full-year revenue between $2.96 billion and $2.98 billion.