The Dutch semiconductor equipment maker raised its revenue forecast for the second time in 2024 due to surging demand for advanced lithography tools.
ASML increased its full-year sales guidance to between 43 billion euros and 45 billion euros, up from a prior range of 36 billion to 40 billion euros. The company also raised its gross margin forecast to 54-56%, from 51-53% previously, citing strong demand for its extreme ultraviolet (EUV) lithography machines used in AI chip production.
The revision marks the second upward adjustment this year, following a similar move last quarter. Demand for ASML’s highest-end tools remains robust as chipmakers expand capacity to meet AI-driven needs. TSMC, a key customer, reported a 68% jump in June sales, reflecting similar trends.
UBS analysts noted that semiconductor fabrication facility buildouts and AI demand are expected to support ASML’s performance in the second half of 2024. Despite the positive outlook, semiconductor stocks have faced pressure amid investor concerns over sustainability.