ASML's Profit Rises, but Warns of Flat 2024 Sales Amid Tough Market

Chip equipment firm ASML reported a rise in profit for Q3, beating analyst estimates, but warned of flat revenue in 2024 due to tough market conditions. ASML, a key player in the semiconductor industry, produces advanced chip manufacturing tools. While net sales and profit increased compared to the previous year, they declined from Q2. The company expects the semiconductor industry to reach an inflection point by the end of the year and anticipates 2024 to be a transition year. ASML reaffirmed its guidance for a 30% YoY increase in net sales for 2023. The firm has also been affected by export restrictions on advanced semiconductor equipment due to tensions between the US and China, but believes these measures will not impact its 2023 financial results.