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Traders at Palma are Neutral on CDNS

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Folks, I’ve been remissing in not mentioning some of the less prominent earnings this evening:

Cadence Design Systems (CDNS) reported Q3 revenue fell 7% to $216 million, ahead of estimates of $214.8 million, while the company’s profit of 3 cents per share was ahead of the average 1-cent loss estimate. The company forecast Q4 sales and profit in line with estimates, at $215 million to $225 million and profit per share of 2 cents to 4 cents,versus the $220.6 milllion and 1-cent estimates.Shares were unchanged at$ 7.03 in after-hours trading after falling 4.4% during the regular
session.

Cadence Design Systems (CDNS) said it will cut about 225 jobs, or about 5% of its global employee base, as part of a new resutructuring plan. The EDA software company said the plan should save about $30 million a year. Cadence said it will take $20 million to $25 million in pre-tax restructuring charges, about $18 million of that in Q2.

In late trading, CDNS is down 4 cents, at $5.89.

Cadence Design Systems (CDNS) posted Q1 revenues of $206 million, down from $271 million a year ago, but ahead of the Street at $204.5 million. The EDA software company posted a loss on a non-GAAP basis of 10 cents a share, two cents better than the Street estimate for a loss of 12 cents a share.

For Q2, the company sees revenue of $205 million to $215 million, with a non-GAAP loss of 7-9 cents a share; the Street has been expecting $208.5 million and a loss of 9 cents.

Cadence Design Systems (CDNS) finally has a new CEO, and they didn’t have to go far to find him. The company this afternoon named Lip-Bu Tan to the post. Tan had been interim vice chairman, and a member of the interim office of the chief executive, which was created following the departure of former CEO Mike Fister in October. Tan has been on the Cadence board for almost five years.

Cadence Design Systems (CDNS) are trading sharply higher today after Needham analyst Richard Valera lifted his rating on the EDA software provider to Buy from Hold.

Cadence has been having a rough year: the company had to restate earnings due to a revenue recognition issue, it announced a 12% staff reduction and it booted most of its management team, including CEO Michael Fister. (The search for a new CEO continues.)