Cadence (CDNS) reported Q3 revenue of $1.63 billion, exceeding analysts' expectations of $1.61 billion; adjusted earnings per share (EPS) were $2.11, higher than the anticipated $2.05. The company's board of directors approved an additional $2.5 billion in share repurchases and raised its full-year revenue guidance to $6.39 billion to $6.42 billion (previously $6.26 billion to $6.34 billion). Full-year adjusted EPS guidance was also raised to $8.37 to $8.43 (previously $8.05 to $8.15). The company expects Q4 adjusted EPS to be $2.19 to $2.25, higher than analysts' expectations of $2.02; order backlog at the end of Q3 was $8.2 billion.