Dutch Chip Tech Maker ASML Resists Virus To Post Growth

Dutch microchip machine maker ASML reported Wednesday rising sales and profits during the second quarter and it confirmed its outlook that sees the tech sector continuing to invest strongly in new products despite the coronavirus pandemic

The Hague, (APP - UrduPoint / Pakistan Point News - 15th Jul, 2020 ) :Dutch microchip machine maker ASML reported Wednesday rising sales and profits during the second quarter and it confirmed its outlook that sees the tech sector continuing to invest strongly in new products despite the coronavirus pandemic.

ASML is world's leading provider of systems used by the semiconductor industry to manufacture the chips that go in products from computers to cars, and its performance is seen as a bellwether for the IT industry.

Despite concerns about lockdowns disrupting production and demand by clients, the firm managed to boost sales during 2020's second quarter when many countries shut non-essential businesses.

Sales rose by 30 percent from the same quarter last year to 3.3 billion Euros ($3.8 billion), and were up 36 percent from the first quarter.

Net profits also surged by 58 percent from last year to 751 million euros during the April-June period. They nearly doubled from the first quarter.

"Our 2020 growth expectations are largely unchanged relative to our view at the start of the year," ASML President and Chief Executive Officer Peter Wennink said in an earnings statement.

The company forecasts sales to continue rising in the third quarter to between 3.6 and 3.8 billion euros.

Wennink said ASML's operations had largely return to normal, but added "we will remain vigilant as COVID-19 is not yet behind us."Based in Veldhoven, near the southern Dutch city of Eindhoven, ASML employs around 25,000 people and has offices in 60 cities and 16 countries.

ASML's shares were down 1.1 percent in morning trading while Amsterdam shares were up 0.4 percent overall.