THE HAGUE, Oct. 15 (Xinhua) -- Dutch semiconductor equipment manufacturer ASML saw its stock price drop sharply on Tuesday after reporting a significant decline in third-quarter (Q3) orders.
The company disclosed that total orders for the third quarter amounted to approximately 2.6 billion euros (about 2.8 billion U.S. dollars), less than half of the 5.6 billion euros recorded in the previous quarter.
ASML's stock closed at 668.1 euros, marking a decline of almost 124 euros, or about 15.6 percent.
"While there continue to be strong developments and upside potential in AI, other market segments are taking longer to recover," ASML President and Chief Executive Officer Christophe Fouquet said in the earnings report.
"It now appears the recovery is more gradual than previously expected. This is expected to continue in 2025, which is leading to customer cautiousness," he added.
ASML's earnings report further indicates that despite the declining orders, the company registered an increase in total net sales for the third quarter of 2024, reaching 7.5 billion euros, up from 6.2 billion euros in the previous quarter. (1 euro = 1.09 U.S. dollars)
