Cadence Design Systems off slightly after hours; Q3 okay, Q4 estimates below consensus

• Results – revenue $446M (in line, +2.9% Y/Y), EPS $0.30 ($0.02 above estimates), net income $85M (vs. $89M Y/Y)
• Projections – For Q4, total revenue of $463M-$473M and net income per diluted share of $0.32-$0.34 (consensus $472M, $0.35). For FY 2016, total revenue of $1.81B-$1.82B and net income per diluted share of $1.19-$1.21.
• President and CEO Lip-Bu Tan: "We continued to make progress on our System Design Enablement strategy in the third quarter, which resulted in solid financial results. Our digital and signoff solutions maintained their momentum with market-shaping customers; five new systems customers, including a major aerospace company, adopted our Palladium® Z1 emulation platform; and we increased our expansion into automotive functional safety verification."
• Cadence Design Systems (NASDAQ:CDNS) shares lower by 0.93% in extended trading.
• CFO commentary
• Earnings tables
• Conference call
• Press release