Cadence Design Systems Holding On To Substantial Gain

(RTTNews) - After gapping open sharply higher, shares of Cadence Design Systems (CDNS) continue to see substantial strength in afternoon trading on Tuesday. Cadence is currently up by 12.9 percent.

The initial jump by Cadence came after the electronic software company reported third quarter results that beat estimates on both the top and bottom lines.

Cadence reported third quarter adjusted earnings of $0.49 per share on revenues of $532.5 million compared to analyst estimates for earnings of $0.41 per share on revenues of $517.9 million.

Looking ahead, Cadence provided a strong outlook for the fourth quarter and also raised its full-year guidance.