Wednesday, Cadence Design Systems Inc. (CDNS) reported a third-quarter net loss of $14 million or $0.05 per share, compared to a loss of $171 million or $0.67 per share in the same quarter last year.
On a non-GAAP basis, net income for the quarter was $7 million or $0.03 per share, compared to a loss of $23 million or $0.09 per share in the year ago quarter.
On average, six analysts polled by Thomson Reuters expected the company to report a loss of $0.01 per share for the quarter. Analysts' estimates typically exclude special items.
Revenue for the quarter was $216 million, down from $232 million in the comparable quarter last year. Analysts expected the company to report revenue of $214.80 million for the quarter.
Looking ahead to the fourth quarter, the company expects total revenue in the range of $215 million - $225 million with a net loss in the range of $0.08 - $0.06 per share. On a non-GAAP basis, net income is expected to be in the range of $0.02 - $0.04 per share. Analysts currently anticipate the company to earn $0.01 per share on revenue of $220.80 million for the quarter.
For the full year 2009, the company expects total revenue in the range of $845 million - $855 million with a net loss in the range of $0.66 - $0.64 per share, compared to the prior guidance of total revenue in the range of $830 million - $870 million with a net loss in the range of $0.81 - $0.69 per share. On a non-GAAP basis, net loss is expected to be in the range of $0.10 - $0.08 per share, compared to the previous range of $0.20- $0.08 per share. Analysts currently anticipate the company to report a loss of $0.14 per share on revenue of $851.62 million for the quarter.
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