ASML Holding NV ASML, -2.68% U.S. shares declined Wednesday after the chip-making equipment supplier said it saw “mixed’ signals from end markets as the industry continues to deal with inventory issues. ASML ADRs fell as much as 3.8% to an intraday low of $616.88 in the regular session, while the S&P 500 index SPX, +0.01% was flat. The company reported first-quarter net income of 1.96 billion euros, or 4.96 euros a share, compared with 695.3 million euros, or 1.73 euros a share, in the year-ago period. Revenue rose to 6.75 billion euros from 3.53 billion euros in the year-ago quarter. ASML makes the highly technical equipment that chip makers and fabs use to turn silicon wafers into semiconductors. Converting to dollars EURUSD, -0.15%, earnings came in at $5.44 a share on revenue of $7.4 billion. Analysts surveyed by FactSet had forecast $4.58 a share on revenue of $6.92 billion. “We continue to see mixed signals on demand from the different end-market segments as the industry works to bring inventory to more healthy levels,” said ASML Chief Executive Peter Wennick in a statement. “Some major customers are making further adjustments to demand timing while we also see other customers absorbing this demand change.” Wennick forecast second-quarter revenue between 6.5 billion and 7 billion euros, or $7.12 billion to $7.67 billion, with a gross margin between 50% and 51%. Analysts had forecast revenue of $7.07 billion. Shares of rival Lam Research Corp. LRCX, -0.71% were down less than 1% ahead of its earnings after Wednesday’s close.
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