Chip design software provider Cadence raises annual sales forecast
Shares of the San Jose, California-based company rose 7% in extended trading after rising about 10% this year.
The company expects annual revenue between $5.21 billion and $5.27 billion, up from its earlier forecast of sales between $5.15 billion and $5.23 billion.
"Cadence delivered excellent results for Q2, with broad-based strength across all businesses, more than offsetting the impact of the temporary restrictions on exports to China imposed on May 23rd," Chief Financial Officer John Wall said in a statement.
Removal of the restrictions, which were announced late in May, allowed Cadence to again service the market that brings over 10% of revenue for the company, after an initial suspension of services to China had hurt sales and investor sentiment.
The company reported revenue of $1.28 billion for the June quarter, beating analysts' average estimate of $1.25 billion, according to data compiled by LSEG.
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