ASML's Profit Beats Expectations Despite 22% Sales Drop

ASML, a key chipmaking equipment maker, reported a 22% drop in sales but beat profit expectations for the first quarter. The company's net sales fell 21.6% year-on-year, with net income dropping 37.4%. ASML's net bookings also decreased, reflecting weaker demand for its machinery. Despite this, the company maintained its full-year outlook, expecting a stronger second half of 2024 as the industry continues to recover. The U.S. plans to urge the Netherlands to halt ASML's servicing of tools in China as part of efforts to limit Beijing's tech sector influence.