SAN JOSE, Calif. (AP) — SAN JOSE, Calif. (AP) — Cadence Design Systems Inc. (CDNS) on Tuesday reported fourth-quarter profit of $340.2 million.

On a per-share basis, the San Jose, California-based company said it had net income of $1.24. Earnings, adjusted for one-time gains and costs, were $1.88 per share.

The results beat Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.82 per share.

The maker of hardware and software products for validating chip designs posted revenue of $1.36 billion in the period, also exceeding Street forecasts. Eight analysts surveyed by Zacks expected $1.35 billion.

Cadence expects full-year earnings in the range of $6.65 to $6.75 per share, with revenue in the range of $5.14 billion to $5.22 billion.

Cadence shares have decreased slightly since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $300.43, a climb of almost 2% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CDNS at https://www.zacks.com/ap/CDNS