AMSTERDAM (Reuters) – ASML Holding, a major supplier to semiconductor makers, on Wednesday reported better-than-expected first-quarter results, while signaling some caution from its shareholders. clients.
Its net profit tripled to reach 1.96 billion euros over the first three months of the year, for a turnover of 6.74 billion euros, up 91%.
Analysts on average had expected net profit of 1.62 billion euros and revenue of 6.31 billion for the period, according to Refinitiv data.
“Global demand still exceeds our capacity for this year and we currently have an order book of over €38.9 billion,” Chief Executive Peter Wennink said in a statement.
ASML’s release comes after several announcements signaling a drop in demand for chips. South Korean giant Samsung has said it will cut production, and memory chipmakers SK Hynix and Micron have said they are revising their spending plans.
Separately, ASML is required to limit exports of certain equipment to China, after the Netherlands joined US restrictions on exports of chips that could be used in military applications.
The Dutch company said sales to China fell in the first quarter, but are expected to increase through the end of 2023.
ASML added that its outlook remains strong despite customers spending less.
According to CFO Roger Dassen, some large companies are “delaying the timing of their request for certain tools”, but others continue to take orders.
“For customers in the memory business, we’re seeing that they’re limiting their capital expenditures (…) (and) we’re also seeing this behavior in certain segments of the logic business,” he said, referring to the two largest categories of computer chips.
ASML maintained its forecast for sales growth of 25% this year, with sales of 6.5 billion to 6.7 billion euros in the second quarter.
“In our view, neither the estimates for 2023 nor those for 2024 are at risk,” JPMorgan said in a note.
On the Amsterdam Stock Exchange, the ASML title fell 2.5% in the morning.
(Report by Toby Sterling, Dina Kartit, edited by Blandine Hénault)
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