ASML cuts forecasts in Q3 earnings published early; shares fall

Published On Oct 15, 2024, 11:30 AM

ASML reported disappointing third quarter earnings, leading to a significant drop in its stock price. The company posted a net profit of 2.1 billion euros on sales of 7.5 billion euros, slightly beating expectations, but their bookings were only 2.6 billion euros, falling well short of the anticipated range of 4 to 6 billion euros. ASML also cut its sales forecast for 2025, expecting total net sales between 30 to 35 billion euros, which is lower than prior projections. Although demand for AI-related chips remains strong, other segments are slow to recover, contributing to cautious customer behavior.