The share of ASML fell 15 percent to 671.60 euros on Tuesday afternoon after the early release of the chip supplier’s quarterly data. According to “Business week” led to the publication of the quarterly data earlier than planned.
Chip company cuts forecast
ASML now expects full-year net sales of 30 to 35 billion euros, compared to the 30 to 40 billion euros previously forecast, Manager Magazin reports. Gross margin is also expected to be lower: ASML now forecasts 51 to 53 percent instead of the previous 54 to 56 percent. “This is expected to continue into 2025, prompting our customers to be cautious,” the company said.
ASML shares plummet
The company’s market value fell by around 50 billion euros to around 265 billion euros in just a few hours. Other tech stocks like Prosus, Infineon and SAP lost between 0.8 and 3.2 percent of its value. Significant losses of 3.2 or nearly 14 percent were suffered STMicroelectronics and ASM International.
However, ASML boss Christophe Fouquet was also able to present investors with some positive numbers. Net sales rose by a fifth to almost 7.5 billion euros in the third quarter, and profits rose by almost a third to 2.08 billion euros.
