October 28, 2009 / 8:51 PM / 10 years ago

UPDATE 1-Cadence Design posts Q3 adj profit, ups '09 rev view

* Q3 adj EPS $0.03 vs loss est of $0.01/shr

* Q3 rev down but beat estimates

* Ups 2009 rev view

* Tightens expected 2009 adj loss range

* Sees Q4 non-GAAP EPS $0.02-$0.04, rev $215-$225 mln

Oct 28 (Reuters) - Chip-design software maker Cadence Design Systems Inc (CDNS.O) swung to a quarterly profit, trouncing loss expectations as it slashed expenses by 34 percent, and raised its 2009 revenue expectations.

The company also tightened its expected 2009 loss range for a second time this year to between 8 cents and 10 cents per share, from its previous loss view of 8 cents to 20 cents a share.

The company now expects 2009 revenue of $845 million to $855 million.

For the latest third quarter, the company posted a net loss of about $14 million, or 5 cents a share, compared with a net loss of $170.7 million, or 67 cents a share, a year ago.

Excluding special items, the company earned 3 cents per share. Revenue fell 7 percent to about $216 million. [ID:nWNAB6027]

Analysts on average had expected a loss of 1 cent per share, on revenue of $214.3 million for the third quarter, according to Thomson Reuters I/B/E/S.

Shares of the San Jose, California-based company closed at $7.03 Wednesday on Nasdaq. (Reporting by Sayantani Ghosh in Bangalore; Editing by Gopakumar Warrier)

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