Cadence Design Systems Inc. (CDNS) posted second quarter net income of $49 million or $0.19 per share, compared to a net loss of $74 million or $0.29 per share in the prior year quarter.
Non-GAAP net income in the second quarter was $18 million or $0.07 per share, compared to a net loss of $13 million or $0.05 per share in the year-ago period.
On average, six analysts polled by Thomson Reuters expected the company to report earnings of $0.03 per share for the period. Analysts' estimate typically exclude special items.
Revenue for the quarter was $227 million, compared to $210 million in the same period last year. Five Wall Street analysts expected revenues of $220.94 million.
Looking forward, for the third quarter of 2010, the company expects total revenue in the range of $225 million to $235 million. Third quarter GAAP net loss per share is expected to be in the range of $0.08 to $0.06. Net income per share using the non-GAAP measure is expected to be in the range of $0.01 to $0.03.
Street analysts expect earnings of $0.05 per share on revenues of $225.52 million.
Further ahead, for the full year 2010, the company expects total revenue in the range of $900 million to $925 million. On a GAAP basis, results are expected in the range of a loss of $0.01 to earnings of $0.03. Non-GAAP net income per share is expected to be in the range of $0.12 to $0.16.
Previously, the company expected a net loss in the range of 0.23 - $0.13 and net income on a non-GAAP basis of $0.05 to $0.15. Total revenue was forecast in the range of $865 million to $900 million.
Street analysts expect earnings of $0.15 per share on revenues of $897.13 million for the year.
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