Sales to China support ASML's first quarter earnings

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ASML, the largest supplier of equipment to computer chip makers, reported weaker than expected first-quarter new bookings today, although sales to China held up despite US-led restrictions on what it can export.

ASML kept its full-year financial forecasts unchanged, with sales seen flat from last year's €27.6 billion, although it is gearing up for strong growth in 2025.

Sales of ASML's lithography systems to customers in China made up a record 49% of the total in the first quarter, or around €2 billion, the company said in an investor presentation published alongside the earnings. Wennink, who is retiring, will be replaced by Christophe Fouquet at the company's annual meeting on April 24.

It will benefit from new chip plants planned with support from governments in Taiwan, South Korea, Japan, China and the US.

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