- Sweeping Vietnam internet law comes into force
- Pope kicks off Christmas under shadow of war
- Catholics hold muted Christmas mass in Indonesia's Sharia stronghold
- Japan's top diplomat in China to address 'challenges'
- Thousands attend Christmas charity dinner in Buenos Aires
- Demand for Japanese content booms post 'Shogun'
- As India's Bollywood shifts, stars and snappers click
- Mystery drones won't interfere with Santa's work: US tracker
- Djokovic eyes more Slam glory as Swiatek returns under doping cloud
- Australia's in-form Head confirmed fit for Boxing Day Test
- Brazilian midfielder Oscar returns to Sao Paulo
- 'Wemby' and 'Ant-Man' to make NBA Christmas debuts
- US agency focused on foreign disinformation shuts down
- On Christmas Eve, Pope Francis launches holy Jubilee year
- 'Like a dream': AFP photographer's return to Syria
- Chiefs seek top seed in holiday test for playoff-bound NFL teams
- Panamanians protest 'public enemy' Trump's canal threat
- Cyclone death toll in Mayotte rises to 39
- Ecuador vice president says Noboa seeking her 'banishment'
- Leicester boss Van Nistelrooy aware of 'bigger picture' as Liverpool await
- Syria authorities say armed groups have agreed to disband
- Maresca expects Man City to be in title hunt as he downplays Chelsea's chancs
- Man Utd boss Amorim vows to stay on course despite Rashford row
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- Global stocks mostly higher in thin pre-Christmas trade
- Bethlehem marks sombre Christmas under shadow of war
- NASA probe makes closest ever pass by the Sun
- 11 killed in blast at Turkey explosives plant
- Indonesia considers parole for ex-terror chiefs: official
- Global stocks mostly rise in thin pre-Christmas trade
- Postecoglou says Spurs 'need to reinforce' in transfer window
- Le Pen says days of new French govt numbered
- Global stocks mostly rise after US tech rally
- Villa boss Emery set for 'very difficult' clash with Newcastle
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- How Finnish youth learn to spot disinformation
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- 12 killed in blast at Turkey explosives plant
- Panama leaders past and present reject Trump's threat of Canal takeover
- Hong Kong police issue fresh bounties for activists overseas
- Saving the mysterious African manatee at Cameroon hotspot
- India consider second spinner for Boxing Day Test
- London wall illuminates Covid's enduring pain at Christmas
- Poyet appointed manager at South Korea's Jeonbuk
- South Korea's opposition vows to impeach acting president
- The tsunami detection buoys safeguarding lives in Thailand
- Teen Konstas to open for Australia in Boxing Day India Test
- Asian stocks mostly up after US tech rally
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'Positive signs' for chip world as ASML profits soar
Dutch tech giant ASML, which supplies chipmaking machines to the semiconductor industry, reported Wednesday a rise in annual net profit despite a high-tech trade spat between China and the West.
Net profits came in at 7.8 billion euros ($8.5 billion) for 2023, the firm said in its annual results, compared to 5.6 billion euros the previous year.
"The semiconductor industry continues to work through the bottom of the cycle," CEO Peter Wennink said in a statement.
"Although our customers are still not certain about the shape of the semiconductor market recovery this year, there are some positive signs," he added.
ASML is one of the world's leading manufacturers of equipment to make state-of-the-art semiconductor chips, which power everything from mobile phones to cars.
But the semiconductor industry has become a geopolitical battleground, as the West seeks to restrict China's access over fears the chips could be used for advanced weaponry.
ASML announced earlier this month that it had been blocked from exporting "a small number" of its advanced machines to China, amid reports of US pressure on the Dutch government.
At the time, Beijing lashed out at what it called "bullying behaviour" by Washington, adding that it "seriously violates international trade rules".
China has described the restrictions placed on exports as "technological terrorism".
Amid the trade tensions with China, there are also concerns Beijing may introduce its own export controls on gallium and germanium -- two rare earth metals critical for the manufacture of semiconductors.
ASML has shrugged off the financial impact of the geopolitical headwinds, with top officials saying the firm is well placed to weather the storm.
- 'Significant growth' for 2025 -
The company has said it expects flat sales this year, which it has called a "transition year", before registering "significant growth" in 2025.
Overall net sales for 2023 came in at 27.6 billion euros, up from 21.1 billion euros in 2022.
The numbers for the fourth quarter were also slightly better than the firm had expected, with profits of 2.0 billion euros on sales of 7.2 billion euros.
ASML said its pipeline was also robust, with net bookings nearly tripling to 9.2 billion euros in the fourth quarter compared to 2.6 billion euros in the third.
"Our strong order intake in the fourth quarter clearly supports future demand," Wennink said.
However, net bookings were down for the year as a whole, at 20.0 billion euros compared to 30.6 billion euros in 2022.
The firm said sales in the first quarter of this year were expected to slow compared to the pace set in the fourth quarter of last year, with a forecast of 5.0 to 5.5 billion euros.
"In spite of the positive signs as described above, we maintain our conservative view for the total year and expect 2024 revenue to be similar to 2023," Wennink said.
"We also expect 2024 to be an important year to prepare for significant growth that we expect for 2025."
G.Stevens--AMWN