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ASML Orders Miss Estimates, Demand Slips

ASML Holding NV posted orders that fell short of analysts’ expectations, as Taiwanese and South Korean chipmakers held off buying the Dutch firm’s most advanced machines.

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Bookings at Europe’s most valuable technology firm fell 61% in the first quarter from the previous three months to €3.6 billion ($3.8 billion), missing estimates of €4.63 billion.

Top chipmakers like Taiwan Semiconductor Manufacturing Co. and Samsung Electronics Co. are holding off new orders as manufacturer clients work through stockpiles of hardware used in smartphones, computers and cars. That’s hurting ASML, which also forecast sales this quarter below analyst expectations.

ASML, the world’s sole producer of equipment needed to make the most advanced chips, saw the biggest slump in demand for its top-end extreme ultraviolet machines. Orders for them plunged to €656 million in the period from €5.6 billion in the previous quarter.

The level of EUV orders is “extremely low,” indicating major ASML clients like TSMC, Samsung and Intel Corp. didn’t increase investments in the high-end equipment, Oddo BHF analyst Stephane Houri said.


Image: ASML