Following weaker guidance, ASML Holding (NASDAQ:ASML) saw a more than 2% drop in its stock price in pre-market after reporting lower-than-expected orders, leading to a cautious sales forecast for the next year.

This caution arises from clients conserving cash due to economic uncertainties. While the company acknowledges that the semiconductor industry may have reached a trough, the uncertainty surrounding the shape of the demand recovery is causing customers to be cautious. Chief Financial Officer Roger Dassen noted that customers are exercising prudence with cash and capital expenditures, which is reflected in their order placements.

The company’s net profit for the three months ending on September 30 was 1.9 billion euros, in line with analysts’ expectations. However, net bookings were significantly lower at 2.6 billion euros compared to the third-quarter sales of 6.7 billion euros. Revenues came in at 6.67 billion euros, missing the Street estimate of 7.31 billion euros.

Despite the cautious outlook for 2024, ASML maintains a robust order backlog of 35 billion euros, and the company expects a more favorable 2025, given its customers’ expansion plans across Asia, the United States, and Europe.

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