Cadence (NASDAQ:CDNS) expects FQ3 revenue of $390M-$400M and EPS of $0.23-$0.25 vs. a consensus of $394.7M and $0.26.
A new $300M buyback program has been launched. The program is good for repurchasing 6% of shares at current levels, and replaces a program that authorized $100M worth of buybacks between FY14 and FY15. Cadence expects to spend $37.5M per quarter via its new plan.
Product/maintenance revenue +5% Y/Y to $354.5M. Services revenue -1% to $24.3M. GAAP costs/expenses +8% to $343.3M.
FQ3 results, PR