ASML's first-quarter revenue fell short of expectations and orders fell sharply
ASML's first quarter revenue was 5.29 billion euros, lower than market expectations of 5.39 billion euros, a yoy decrease of 21.6%. The total amount of machine orders was 3.6 billion euros, a yoy decrease of 4%, far below the market expectation of 5.1 billion euros.
The sales pressure faced by ASML reflects the uncertainty of the global semiconductor market and the challenges of the transition period.
Revenue and Profit: ASML's first quarter revenue was 5.29 billion euros, lower than the market's expected 5.39 billion euros, a year-on-year decrease of 21.6%. However, the net profit was 1.22 billion euros, exceeding the expected 1.07 billion euros, indicating the success of cost control and operational efficiency. The stock price fell by approximately 4.5% due to poor sales data.
Order status: The total amount of machine orders in the first quarter was 3.6 billion euros, a decrease of 4% compared to the same period last year, far below the market expectation of 5.1 billion euros, and a significant decrease of about two-thirds compared to the previous quarter. This reflects the volatility of market demand and the cautious attitude of customers towards the future economic environment.
Market and Technology Transformation: ASML is currently in a period of technology and market transformation, and it is expected that 2024 will be the year of transformation. CEO Peter Wennink said, "Our outlook for the full year of 2024 remains unchanged, and we expect the second half of the year to be stronger than the first half, which is consistent with the industry's sustained recovery from the downturn."
Semiconductor Manufacturing Equipment: ASML is the world's most advanced semiconductor manufacturing equipment provider, and its UV lithography machine is a key tool for manufacturing high-end chips. Although weak demand for smartphones and laptops last year affected semiconductor manufacturers, demand from chip manufacturers such as Samsung has recently begun to rebound.
Export restrictions and the Chinese market: After being pressured by the United States, the Dutch government imposed restrictions on China's export of advanced semiconductor equipment. ASML stated that sales to China accounted for 49% of total sales in the first quarter, but has not yet explained the specific impact of export restrictions on performance.
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