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ASML said orders of its chipmaking machines fell short of market estimates by almost €1bn, as chief executive Christophe Fouquet warned that Donald Trump’s tariff announcements had “increased uncertainty”.
Shares of ASML have been hit by fears about the impact of tariffs and a potential slowdown in artificial intelligence spending, falling 12 per cent since the start of January ahead of Wednesday’s results.
“AI is still the driver of the market. The demand is strong,” said Fouquet, adding that the Netherlands-based company was watching the impact of tariffs “very carefully”.
ASML’s net bookings for the quarter ending in March, a closely watched metric that includes orders for chipmaking gear placed by customers but not yet delivered, was €3.9bn, compared with analysts’ estimates of €4.8bn.
That result was a reversal of the previous quarter, when its bookings figure came in far higher than expected, as ASML’s customers tried to get ahead of anticipated US controls on its equipment.
The high cost of ASML’s unique lithography machines — it sold 73 in the quarter — means orders are difficult to forecast on a short-term basis. Chipmakers including Taiwan Semiconductor Manufacturing Company, Intel and Samsung rely exclusively on ASML’s equipment to produce the most cutting-edge chips for customers such as Apple and Nvidia.
Overall sales for the first quarter came in broadly in line with expectations at €7.7bn, up 46 per cent year on year. The Dutch technology group forecast that second-quarter revenues would be €7.2bn to €7.7bn, compared with analysts’ forecasts of €7.8bn, according to Visible Alpha.
ASML did not change its annual revenue guidance of €30bn to €35bn.
“Our conversations so far with customers support our expectation that 2025 and 2026 will be growth years,” said Fouquet. “However, the recent tariff announcements have increased uncertainty in the macro environment and the situation will remain dynamic for a while.”
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