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Benzinga
Benzinga
Business
Dylan Berman

Cadence Design Systems Shares Are Trading Lower Wednesday: What's Going On?

Cadence Synopsys CDNS
CDNSClose,Up,Of,Cadence,Sign,On,The,Office,Building,In

Cadence Design Systems, Inc. (NASDAQ:CDNS) shares are trading lower Wednesday amid sympathy with Synopsys, Inc. (NASDAQ:SNPS) after the company reported third quarter financial results.

What To Know: Synopsys reported adjusted earnings per share of $3.39, missing the consensus estimate of $3.74. In addition, the company reported sales of $1.73 billion, missing the consensus estimate of $1.76 billion, but representing a 14% year-over-year increase.

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