ASML Q1 bookings miss forecast, but China sales hold up
ASML, the largest supplier of equipment to computer chip makers, reported weaker than expected first-quarter new bookings on Wednesday, although sales to China held up despite U.S.-led restrictions.
Shares in Europe's biggest tech firm, which had risen 34% this year, were down 4.5% to 873.40 euros at 0741 GMT
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Offering CollegeCourseWebsiteIIM LucknowIIML Executive Programme in FinTech, Banking & Applied Risk ManagementVisitIndian School of BusinessISB Product ManagementVisitIndian School of BusinessISB Professional Certificate in Product ManagementVisit The Dutch group is seeing a lull in demand for its most advanced machines, but gearing up for strong growth in 2025 due to strong demand for AI and memory chips, including from TSMC of Taiwan, which makes chips for Nvidia and Apple.
For 2024, ASML kept its financial forecasts unchanged, with sales seen flat from 2023's 27.6 billion euros ($29.3 billion).
ASML dominates the market for lithography systems, machines that can cost hundreds millions of euros each and use light beams to help create microscopic circuitry. It is set to benefit from new chip plants planned with support from governments in Taiwan, South Korea, Japan, China and the United States.
New bookings in the first quarter were 3.6 billion euros, well below the 5.4 billion seen by analysts polled by Reuters.
«Although disappointing we would not read too much into it as order intake is notoriously lumpy,» said ING analyst Marc Hesselink.
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