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Zdjęcie autoraJarosław Jamka

ASML Earnings Moved Markets!

Yesterday, the markets were spooked by the weak results of European companies such as ASML (semiconductor equipment systems) and LVMH (luxury goods). ASML fell 16%, and LVMH 7.9% (OTC market).


In the case of ASML, this is the third quarter in a row of results when the price reacts negatively (Figure 1). Since the peak in July this year, ASML is already 33% lower. In the case of the SOX index (Philadelphia Semicondutor Index), we are currently 12.9% below the peak in July this year - see Figure 2.




ASML announced good results, but at the same time gave weak guidance. The market was particularly scared by the decline in “Value of Booked Systems”, which fell to EUR 2.63 billion, while Wall Street expected EUR 5.39 billion – see Figure 3.



ASML beat the consensus in terms of Net Sales in Q3 2024 – see Figure 4. Figure 5 shows the division of revenues into “Net System Sales” and “Net Service and Field Option Sales”.




ASML CEO, Christophe Fouquet:


“While there continue to be strong developments and upside potential in AI, other market segments are taking longer to recover. It now appears that the recovery is more gradual than previously expected. This is expected to continue in 2025, which is leading to customer cautiousness. (...)


We expect fourth-quarter total net sales between €8.8 billion and €9.2 billion with a gross margin between 49% and 50% (...).


We expect full-year 2024 total net sales of around €28 billion. Based on the recent market dynamics as mentioned above, we expect our 2025 total net sales to grow to a range between €30 billion and €35 billion, which is the lower half of the range that we provided at our 2022 Investor Day.


We expect a gross margin between 51% and 53%, which is below the range we then provided, mainly related to the delayed timing of EUV demand."



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