Cadence Design Systems earnings report for the fourth quarter of 2018 has CDNS stock on its way up Wednesday.

Cadence Design Systems (NASDAQ:CDNS) reported earnings per share of 52 cents for the fourth quarter of the year. This is an increase over the company’s earnings per share of 39 cents from the same period of the year prior. It was also a boon to CDNS stock by coming in above Wall Street’s earnings per share estimate of 47 cents for the quarter.

Net income reported in the Cadence Design Systems earnings release for the fourth quarter of 2018 comes in at $98.43 million. This is better than the company’s net loss of $14.44 million reported in the fourth quarter of 2017.

Operating income from the Cadence Design Systems earnings report for the fourth quarter of the year was $113.69 million. The electronic design software and engineering company reported operating income of $81.28 million during the same time last year.

The Cadence Design Systems earnings report for the fourth quarter of 2018 also includes revenue of $569.85 million. This is up from the company’s revenue of $501.72 million reported in the fourth quarter of the previous year. It was also great news for CDNS stock by beating out analysts’ revenue estimate of $550.35 million for the period.

“Cadence achieved excellent operating results for 2018 as technology trends like AI, cloud/datacenter and 5G drove strong design activity,” Lip-Bu Tan, CEO of Cadence Design Systems, said in a statement.

CDNS stock was up 4% as of Wednesday afternoon.

As of this writing, William White did not hold a position in any of the aforementioned securities.