ASML results spook market as sales drop below expectations

This is the best summary I could come up with:

ASML, the firm which makes machines to produce computer chips, saw its shares drop on Wednesday after the release of its first-quarter results.

… While the latest results have spooked the market, ASML insists its full-year outlook is unchanged and it is sticking with the belief that the chip industry will improve as 2024 progresses."

As electronic makers struggled to source enough chips during the pandemic period, they were subsequently driven to over-order, dampening demand for components when the economy began to stabilise.

ASML was also hit last year by sanctions restricting its sales to China, introduced by the US government to curb Chinese chipmaking capacity.

Over the coming year, it remains unclear what impact export restrictions will have on the Dutch group, although it is estimated that 15% of its Chinese sales will be affected.

On Thursday, Taiwan Semiconductor Manufacturing Co, the dominant producer of chips used in AI applications, is expected to report a 5% rise in first-quarter profit.

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