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Cadence Design Systems, Inc. (NASDAQ:CDNS) shares are trading lower Wednesday amid sympathy with Synopsys, Inc. (NASDAQ:SNPS) after the company reported third quarter financial results.
What To Know: Synopsys reported adjusted earnings per share of $3.39, missing the consensus estimate of $3.74. In addition, the company reported sales of $1.73 billion, missing the consensus estimate of $1.76 billion, but representing a 14% year-over-year increase.
For the fourth quarter, the company anticipates adjusted earnings per share from $2.76 and $2.80, versus the consensus estimate of $4.51. In addition, Synopsys sees sales between $2.23 billion and $2.26 billion, versus the consensus estimate of $2.09 billion.
For the fiscal year, Synopsys lowered its adjusted earnings per share from between $15.11 to $15.19 to between $12.76 and $12.80, versus the consensus estimate of $15.00. Furthermore, it raised its sales guidance from between $6.74 billion to $6.80 billion to between $7.03 billion to $7.06 billion, versus the consensus estimate of $6.90 billion.
Cadence may be trading lower in sympathy with Synopsys as both operate in the electronic design automation industry, where broader conditions that impact one company could influence the other.
Related Link: What’s Going On With Palantir Stock Wednesday
CDNS Price Action: At the time of writing, Cadence shares are trading 6.41% lower at $338.31, according to data from Benzinga Pro.
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