Cadence Design Systems Inc, the San Jose-based provider of electronic design software and services, has reported a third- quarter net loss of $41.4m on revenue down 32.4% at $225.9m, compared to a loss of $80.5m in the year-ago quarter. Excluding one-time items and goodwill amortization, the loss amounted to $0.07 per share, matching the First Call consensus. The company blames the revenue decline on its recent decision to implement a new subscription-based product sales model that more closely addresses its customers’ needs. Cadence says it booked 45% of its software products under the new subscription model, exceeding its goal for the transition. The company currently expects year-over-year revenue growth to return during the second quarter of 2000. For the nine-month period, net income was $8.4m, or $0.03 per share, on revenue down 12.5% at $825.3m, compared to a loss of $22.4m last year.
