Cadence offers soft EPS guidance, launches $300M buyback

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

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