ASML third-quarter profit meets expectations, sees flat 2024 sales

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Semiconductor equipment maker ASML Holding NV on Wednesday warned of flat sales in 2024 as customers conserve cash, after reporting third-quarter earnings in line with analysts' expectations.

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Published by

18 Oct 2023

Europe's largest technology firm reported net profit of 1.9 billion euros ($2.01 billion) for the three months ended Sept. 30, compared with 1.7 billion euros last year. This beat average analyst estimates of 1.81 billion euros, according to LSEG data.

Analysts expect 2024 sales increasing to 28.5 billion euros, from around 27.2 billion euros this year.

«The semiconductor industry is currently working through the bottom of the cycle and our customers expect the inflection point to be visible by the end of this year,» CEO Peter Wennink said in a statement.

But «customers continue to be uncertain about the shape of the demand recovery… we therefore expect 2024 to be a transition year.»

ASML dominates the market for lithography systems, machines that each cost hundreds of millions of euros are used by chip makers such as TSMC, Samsung and Intel to help create