China still ASML’s biggest market, but falling sales cause drop in profit

Amid the semiconductor industry’s slowdown and increasing geopolitical tensions, Dutch chip machine-maker ASML reported a decrease both in sales and profits. Europe’s most valuable tech company saw orders fall to €3.6bn in the first quarter of 2024, down from €9.2bn in the previous quarter. Its net profit also dropped to €1.2bn — a 37% decrease compared to Q4 2023. “We see 2024 as a transition,” ASML’s President and CEO Peter Wennink said in a statement. Wennink expects a stronger second half of the year “in line with the industry’s continued recovery from the downturn.” Interestingly, China represented ASML’s largest market…

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