ASML Holding NV (NASDAQ:ASML, ETR:ASME) shares fell around 4% in Amsterdam and in New York premarket trading after the Dutch semiconductor equipment giant reported first quarter sales in line with expectations but a lower outlook than analysts were forecasting.
CEO Christophe Fouquet said conversations with customers so far support expectations that 2025 and 2026 will be growth years, though recent tariff announcements "have increased uncertainty in the macro environment and the situation will remain dynamic for a while".
He reiterated previous expectations that artificial intelligence (AI) continues to be the primary growth driver in the industry, and "has created a shift in the market dynamics that benefits some customers more than others, contributing to both upside potential and downside risks as reflected in our 2025 revenue range".
Sales reached €7.7 billion for the first quarter, down 16% but in-line with guidance and expectations.
Gross margin rose to 54.0% from 51.7%, ahead of estimates, partly due to shipping more of its newer EUV machines.
Bookings of €3.9 billion was 17% below the consensus forecast, but analysts at Jeffereis said in absolute terms was "a relatively modest miss", with EUV bookings at €1.2 billion.
Guidance for the second quarter of €7.45 billion at the mid-point was slightly 4% below Jefferies' forecast, but ASML reiterated its full-year guidance for sales in the €30-35 billion range and gross margin in the 50-53% range, and for growth in 2026, unchanged from its last commentary.
"While Q1 bookings and Q2 outlook are slightly below expectations, the reiteration of FY25 guidance and growth in FY26 amidst tariff uncertainty is clearly positive," said Jefferies.