ASML Holding NV Chief Executive Officer Christophe Fouquet walked back his forecast that sales will grow next year, blaming trade disputes and global tensions.

ASML’s revenue rose 24% in the second quarter to €7.7 billion, or $8.95 billion. The consensus estimate projected €7.52 billion. ASML Chief Financial Officer Roger Dassen told investors that the better-than-expected sales increase was partly driven by upgrades made to customers’ EUV equipment.