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ASML Holding NV (ASML) shares jumped higher in early European trading Wednesday after the semiconductor supplier maintained its bullish second half outlook after stronger-than-expected second quarter earnings that suggest global chip demand is starting to recover. 

ASML said earnings for the three months ending in June came in at €1.13 per share, up 34.5% from the previous quarter and firmly ahead of the Street consensus forecast of €0.95 per share. Group revenues, ASML said, rose 15.2% from the first quarter to €2.568 billion while its profit margin improved by 140 basis points to 43%, topping its own estimate from earlier this year.

ASML said it sees third quarter revenues rising to around €3 billion, with a gross margin of between 41% and 43% as customer demand for its extreme ultraviolet lithography systems, or EUV, machines, which design complex chips used by, sector titans such as Samsung Electronics (SSNLF) , Intel Corp. (INTC) and Taiwan Semiconductor (TSM) and cost as much as €100 million each, increases.

"For the remainder of the year we see further weakness in Memory, while Logic looks stronger," said CEO Peter Wennink. "We expect that the increased demand in Logic will compensate for the decreased demand in Memory. The additional growth in Logic is driven by accelerated investments in 7 nm nodes and beyond."

"We received ten orders for EUV systems during the second quarter, some of which are slated for use in the production of DRAM devices, Wennick added. "Our 2019 total sales view remains unchanged and we continue to see 2019 as a growth year." 

ASML shares were marked 2.7% higher in the opening minutes of trading in Europe and changing hands at €189.38 each, a move that extends the stock's year-to-date gain past 36%.