ASML's stock falls after Q3 bookings miss estimates; chip stocks slide (update)
Oct. 15, 2024 12:01 PM ET
By: Ravikash Bakolia, SA News Editor
 Michael Vi/iStock Editorial via Getty Images
ASML (NASDAQ: ASML) stock tumbled 14% on Tuesday after Bloomberg News reported the company's third-quarter bookings missed estimates.
The Dutch company — which makes extreme ultraviolet lithography machines — is slated to release its third-quarter results on Wednesday. The results appear to have been mistakenly pre-published on the ASML's investor relations website.
A person familiar with the matter told Seeking Alpha that the leaked results were not a hack, but rather an internal technical error.
ASML's third quarter bookings fell 53% quarter-over-quarter to €2.63B, compared to Bloomberg consensus estimate of €5.39B, the report added, citing numbers published on the company's website ahead of its release.
The company's net sales grew 20% quarter-over-quarter to €7.47B, beating estimates of €7.17B. Meanwhile, net income jumped +32% quarter-over-quarter to €2.08B, surpassing estimates of €1.91B, according to the report.
Outlook
ASML expects fourth-quarter net sales to be between €8.8B and €9.2B, with a midpoint of €9B slightly above the €8.95B estimate.
The company sees gross margin in the range of 49% to 50%, estimate is 50.5%.
For the full year, ASML expects net sales of €28B, versus estimates of €27.71B.
For the year 2025, ASML lowered the net sales forecast of €30B to €35B (mid-point of €32.5B), previously the company expected about €30B to €40B, (estimate of €35.94B)
The company expects gross margin of 51% to 53%, previously expected about 54% to 56% (estimate 53.9%).
Impact
Other semiconductor stocks slumped on the back of the released data, including Nvidia ( NVDA), AMD ( AMD), Broadcom ( AVGO), Taiwan Semiconductor ( TSM), and Intel ( INTC), all of which fell 2% or more. |
