- Sri Lanka level T20 series with record-breaking West Indies win
- French footballer Ben Yedder on trial for sexual assault
- India foreign minister in arch-rival Pakistan for rare visit
- Restored 'Apollo Belvedere' marble back on show in the Vatican
- Lagos festival dances to Nigerian icon Fela Kuti's beat
- Italian PM hails 'courageous' Albania migrant deal
- 'Tragedy in Jabalia' as Israel army tightens siege in north Gaza
- Draft UN climate pact leaves open thorny question of money
- Two giant pandas arrive in US from China aboard 'Panda Express'
- Musiala and Upamecano return to Bayern training
- Wirtz return 'unclear' after injury on Germany duty
- Ghulam says 'wait is over' after century on Pakistan debut
- Boeing to raise up to $25 bn as strike weighs on finances
- Two giant pandas arrive in US from China
- Japan hold Australia, S. Korea and China win in World Cup qualifying
- Mbappe's golden-boy image takes a hit amid negative headlines
- Hezbollah threatens to attack targets across Israel
- Oil prices fall on easing Middle East fears
- Wales lock Jenkins to miss November Tests with 'horrible' injury lay-off
- France to play Israel in Paris and allow fans in
- Twin panda cubs to make public debut at Berlin zoo
- Scotland's Kinghorn maintains Lions 'dream' despite Toulouse clash
- Pakistan debutant Ghulam hits century to defy England in second Test
- Boeing announces intention to raise up to $25 bn
- Tuchel 'in talks with FA' over England manager's job
- Dutch rider Lavreysen targets record at world track championships
- Bangladesh suspend Hathurusingha as coach after alleged assault
- Russian Olympic chief announces surprise resignation
- Ferguson to leave Man Utd ambassador role as club cuts costs
- Turkish govt defends tax plan to fund defence industry
- Oil prices tumble on easing Middle East fears
- Eidevall quits as Arsenal Women head coach
- US, Philippines launch war games after China's Taiwan drills, ship collision
- Swedish prosecutor confirms 'rape' probe without naming Mbappe
- England dismiss Ayub but Pakistan reach 173-3 at tea in second Test
- Israel vows to put 'national interest' first in response to Iran attack
- Oil prices hit by easing Middle East fears, most Asian markets rise
- Mbappe-PSG salary row faces hearing as France captain cited in 'rape' report
- K-pop star tells South Korea lawmakers of workplace bullying
- Ex-Wallabies captain Elsom denies wrongdoing after arrest warrant
- Pakistan 79-2 at lunch in second England Test after Leach strikes
- Hopes pinned on peace across Taiwan Strait after drills
- Valencia fans leave Singapore with 'stern warning' after protest
- Falling sales cause sour grapes for iconic Portugal wine
- Belgian pathologist and literary star gives 'voice to the dead'
- Ethiopia's 'korale' recyclers turn waste into money
- Italy row, AI in focus at world's biggest book fair
- US, Philippines launch war games a day after China's Taiwan drills
- Scotland lock Gray signs for Japan's Toyota
- Allen and Bills foil Rodgers, outlast Jets 23-20
RBGPF | 1.67% | 60.5 | $ | |
RYCEF | -0.57% | 6.99 | $ | |
SCS | 1.14% | 13.13 | $ | |
CMSC | 0.6% | 24.84 | $ | |
NGG | 0.68% | 67.35 | $ | |
GSK | -0.01% | 39.125 | $ | |
RIO | -1.94% | 66.41 | $ | |
RELX | 1.82% | 48.26 | $ | |
BTI | -0.01% | 35.445 | $ | |
CMSD | 0.68% | 25.151 | $ | |
VOD | -0.05% | 9.675 | $ | |
BCE | 2.7% | 33.465 | $ | |
BP | -3.77% | 30.829 | $ | |
JRI | 0.1% | 13.1 | $ | |
AZN | -0.66% | 77.585 | $ | |
BCC | 0.09% | 143.11 | $ |
Dutch chip tech giant ASML posts sales dip, eyes bright future
Dutch tech giant ASML Wednesday posted slightly weaker sales and profits in the third quarter compared with the previous three months, amid a growing semiconductor trade spat between the West and China.
But the firm, which makes cutting-edge machines for global semiconductor chip manufacturers, confirmed its expectations for a 30-percent jump in sales for the whole of 2023, as it looks to "significant growth in 2025" after what an expected "transition" year in 2024.
Third-quarter sales came in at 6.673 billion euros, down from 6.902 billion euros in the second quarter of the year, while net profit was 1.893 billion euros, compared to the 1.942 billion euros booked in the second quarter.
CEO Peter Winnink admitted that the industry was going through a tough period but insisted his firm was well placed to weather the storm.
"The semiconductor industry is currently working through the bottom of the cycle and our customers expect the inflection point to be visible by the end of this year," he said in a statement.
"We therefore expect 2024 to be a transition year. Based on our current perspective, we take a more conservative view and expect a revenue number similar to 2023," added Winnink.
"But we also look at 2024 as an important year to prepare for significant growth that we expect for 2025."
ASML had forecast a range of between 6.5-7.0 billion euros for third-quarter sales. It said the fourth quarter was expected to be slightly better, between 6.7 and 7.1 billion euros.
The chip industry is facing difficulties due to severe political headwinds as China and the West compete for dominance in the sector.
Just one day before the ASML results, Washington said it was tightening its curbs on exports of state-of-the-art AI chips to Beijing.
ASML said however that it did not expect the measure to have a "material impact on our financial outlook for 2023 and for our longer-term scenarios for 2025 and 2030."
In June, the Dutch government said firms producing semiconductor-making equipment would need permission to export to foreign clients from September 2023.
ASML has also shrugged off those moves, saying they would have only a limited impact on the firm's business. Some of its top technology was already under export restrictions.
Amid the trade tensions with China, there are also concerns that Beijing may introduce its own export controls on gallium and germanium -- two rare earth metals critical for the manufacture of semiconductors.
D.Sawyer--AMWN