Cadence Design Systems (NASDAQ: CDNS) reported Q2 EPS of $0.29, $0.01 better than the analyst estimate of $0.28. Revenue for the quarter came in at $453 million versus the consensus estimate of $449.54 million.

"The second quarter was highlighted by strong business with systems companies across multiple vertical segments," said Lip-Bu Tan, president and chief executive officer. "Demand for our new Palladium® Z1 emulation platform led to another record quarter for hardware revenue, and we introduced the next generation of our OrCAD® and Allegro® families of printed circuit board design products with support for flexible board technology."

"Through strong execution Cadence again produced good financial results in a challenging environment," said Geoff Ribar, senior vice president and chief financial officer. "Since our current stock repurchase program began in Q3 of 2015, we have repurchased a total of 32.9 million shares for $720 million, representing approximately 11 percent of shares outstanding."

GUIDANCE:

Cadence Design Systems sees Q3 2016 EPS of $0.27-$0.29, versus the consensus of $0.31. Cadence Design Systems sees Q3 2016 revenue of $440-450 million, versus the consensus of $457.24 million.

Cadence Design Systems sees FY2016 EPS of $1.17-$1.23, versus the consensus of $1.21. Cadence Design Systems sees FY2016 revenue of $1.8-1.83 billion, versus the consensus of $1.82 billion.

For earnings history and earnings-related data on Cadence Design Systems (CDNS) click here.