Oct. 19, 2020, 4:51 p.m. EDT

Cadence Design earnings gain on China demand

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By Kimberly Chin

Cadence Design Systems Inc. said profit and sales rose in the third quarter as the company hinted at higher demand for hardware and IP sales activity in China and expected improvement in its system design and analysis business for the second half of the year.

The software and engineering-services provider said profit was $161.6 million, or 58 cents a share, up from $101.5 million, or 36 cents a share, in the year-ago quarter. Adjusted earnings were 70 cents a share. Analysts polled by FactSet were expecting adjusted earnings of 61 cents a share.

Revenue rose to $666.6 million from $579.6 million a year earlier. Analysts were expecting $642.1 million.

China's economy has recovered faster than other countries following the effects of the coronavirus in the country earlier this year.

Write to Kimberly Chin at kimberly.chin@wsj.com

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