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ASML Shares Drop Over 15% After €2.63B Q3 Bookings Miss Estimate; Cuts 2025 Sales Guidance

Oct 15, 2024, 03:12 PM

ASML Holding NV, a leading Dutch semiconductor equipment manufacturer, reported third-quarter bookings of €2.63 billion, significantly missing analysts' estimates of €5.39 billion. The company also announced third-quarter net sales of €7.47 billion, exceeding estimates, and a gross margin of 50.8%. Net income for the quarter was €2.1 billion, surpassing expectations. However, ASML reduced its guidance for 2025 net sales to a range of €30 billion to €35 billion, down from previous expectations and below the consensus estimate of €35.94 billion. The company also lowered its 2025 gross margin forecast to between 51% and 53% from about 54% to 56%. ASML cited a more gradual recovery in the semiconductor industry than previously anticipated, with CEO Christophe Fouquet stating, 'While there continue to be strong developments and upside potential in AI, other market segments are taking longer to recover. It now appears the recovery is more gradual than previously expected.' Following the unexpected early release of earnings due to a technical error, ASML's shares plunged over 15%, at one point dropping as much as 17%, dragging down other semiconductor stocks and broader markets.