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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
6 minutes ago
- Yahoo
Trump's Asia tariffs takes a massive hit on Bitcoin miners
Trump's Asia tariffs takes a massive hit on Bitcoin miners originally appeared on TheStreet. As per the latest report by The Block, President Donald Trump's latest order on global tariffs seems to be becoming a pain in the neck for the Bitcoin mining community in the U.S. As the 90-day tariff pause deadline neared, Trump announced a slew of new global tariff rates on July 31. Among the worst-hit are the key centers of mining rig manufacturing in Southeast Asia. For those unfamiliar, crypto mining is the process of using high-tech hardware to validate and secure transactions on a blockchain network. Ethan Vera, the COO of a Bitcoin mining technology and services company, Luxor Technology, shared a document with The Block as per which the latest directive imposes 21.6% tariffs, including a 19% "reciprocal tariff," on imports of application-specific integrated circuits (ASICs) from Indonesia, Malaysia, and Thailand beginning Aug. are chips that are designed to execute a specific task extremely efficiently such as crypto mining, as opposed to general-purpose processors like central processing units (CPUs) or graphics processing units (GPUs). As per the report, U.S. tariffs on imports from China, a major hub of mining rig manufacturing, stand at a staggering 57.6%, which includes a 10% baseline reciprocal tariff and an additional country‑specific tariff of 20%. Anyway, the tariff pause deadline between the two countries is set to expire on Aug. 12, and there has been no breakthrough so far. While still lower than earlier rates, the current tariffs are significantly higher than the 2.6% tariffs on ASICs imported from the Southeast Asian countries before Trump's second term. However, Chinese machines even earlier used to face an additional 25% ad valorem said, "At 21.6% tariffs, the U.S. is now one of the least competitive jurisdictions to bring machines in, and miners are looking at Canada and other markets to expand too." Opportunity for domestic manufacturers However, the new trade conditions could also lead to a rise in the prices of U.S.-based used ASIC machines in the face of high tariffs on imported rigs, he explained. Though Luxor is excited about the production of mining rigs in the U.S., it warned fully onshoring the manufacturing could take years because most of the raw materials are still imported from Asia. The mining company expected the Trump administration to exempt the mining equipment from tariff hikes in order to encourage the domestic crypto industry. Trump's Asia tariffs takes a massive hit on Bitcoin miners first appeared on TheStreet on Aug 6, 2025 This story was originally reported by TheStreet on Aug 6, 2025, where it first appeared.
Yahoo
6 minutes ago
- Yahoo
Fortinet forecasts third-quarter sales below estimates as trade uncertainty weighs
(Reuters) -Fortinet forecast third-quarter revenue below Wall Street estimates on Wednesday, as businesses cut back on spending amid widespread macroeconomic uncertainty stemming from global trade tensions, sending shares down 12% in extended trading. U.S. President Donald Trump's ongoing global trade negotiations have led to an uncertain economic environment, prompting businesses to reassess significant investments, which has hurt demand for Fortinet's services. The cybersecurity firm expects to generate revenue between $1.67 billion and $1.73 billion for the third quarter. The midpoint of this range is just shy of analysts' average estimate of $1.71 billion, according to data compiled by LSEG. Fortinet offers integrated cybersecurity solutions, including firewalls, intrusion prevention systems and cloud-based threat protection, and competes with companies such as Palo Alto Networks, Cisco Systems and Check Point Software Technologies. Consolidation in the industry is pressuring providers like Fortinet, as rivals such as Palo Alto Networks move to expand aggressively, which said last month it will buy Israeli peer CyberArk Software, for about $25 billion. Fortinet raised its forecast for annual billings to a range of $7.33 billion to $7.48 billion, up from the prior range of $7.20 billion to $7.40 billion. The company posted revenue of $1.63 billion for the second quarter ended June 30, in line with estimates. Adjusted profit for the quarter stood at 64 cents per share, beating estimates of 59 cents per share. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
6 minutes ago
- Yahoo
Record-breaking bridges: How Italy and China are pushing engineering limits
The future of transportation took shape on two continents this week as Italy and China announced bridges that would redefine what's possible in modern engineering. Italy greenlit a $15.5 billion project to build what would become the world's longest suspension bridge, infrastructure company WeBuild said on Wednesday. Over the weekend, the Chinese state-run People's Daily reported the near-completion of what will be the world's tallest bridge. The Italian project, connecting Sicily to mainland Italy across the Strait of Messina, would stretch nearly 2.3 miles, with its suspended span reaching nearly 2.1 miles. This would surpass the current record holder, Turkey's Canakkale Bridge, by more than half a mile. "Today, Italy has shown once again how it can come together around a mega project that will be transformative for the whole country," Pietro Salini, chief executive of WeBuild, said in a press release. Meanwhile, in China's southwestern Guizhou Province, the Huajiang Grand Canyon Bridge reached a milestone with the installation of its final steel girder. According to Chinese state television, the bridge will stand at 2,051 feet from deck to river -- roughly twice the height of the Eiffel Tower. Italy's bridge, designed to carry 6,000 cars per hour and 200 trains daily, focuses on connecting a major island to the mainland. China's Huajiang bridge, while completing a crucial expressway link, incorporates ambitious tourist attractions, including what will be the world's highest bungee jump. Both projects face unique challenges, according to the Associated Press. Italy's bridge must contend with seismic risks in the Messina fault region, while China's bridge tackles the extreme engineering demands of spanning one of the world's deepest canyons, the newsgathering service noted. The competition reflects a broader trend in global infrastructure development. While Italy aims to strengthen its connection to Sicily and bolster NATO's capabilities, China has been systematically building the world's highest bridges. China's Guizhou Province alone has more high bridges than all other countries combined, according to The Italian Transport Ministry announced construction on the Messina bridge is expected to begin next year. According to People's Daily China, the Huajiang bridge is now over 98% complete, and is set to open by the end of September in southwest China's Guizhou Province.
