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.

ASML shares skidded on Wednesday after the microchip equipment maker warned sales might not grow at all next year.