Chip design software provider Cadence raises annual sales forecast

Cadence Design Systems CDNS raised its sales forecast for the year on Monday, after the U.S. lifted export curbs on chip design software to China earlier this month, allowing the company to resume sales to the key market.

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.