ASML reports Q1 net sales up 46% YoY to €7.74B, vs. €7.8B est., a €2.36B net profit, €3.94B net bookings, below €4.89B est., and warns of tariff uncertainty
Dutch semiconductor equipment giant ASML on Wednesday missed order expectations and said that uncertainty …
CNBCRyan Browne
Context & Ripple Effects
ASML entered the quarter after a sharp rebound in orders: Q4 net bookings reached €7.09B, alongside guidance for higher 2025 sales. The Q1 sales increase therefore shows stronger equipment revenue than a year earlier, while the lower-than-expected bookings figure makes the demand outlook less clear.
The result also contrasts with the prior year's weaker base, when ASML reported declining Q1 sales and bookings. It matters because bookings are the nearer-term signal of customers' willingness to commit to new lithography capacity.
First-order effects
ASML's €3.94B of Q1 net bookings falls short of expectations, reducing immediate visibility into the pace of future tool shipments even as sales and profit rise sharply year over year.
Tariff uncertainty becomes an explicit planning risk for ASML and its customers, potentially complicating order timing and the company's outlook.
Second-order effects
Chipmakers weighing capacity additions may delay or stage equipment commitments while trade-policy costs remain uncertain, making ASML's quarterly order intake more uneven.
Suppliers and investors will place greater weight on subsequent bookings data; that happened when Q2 bookings later rose above expectations, rather than treating a single revenue quarter as a full demand read-through.
Third-order effects
If trade-policy uncertainty repeatedly shifts order timing, the semiconductor-equipment market could become more dependent on large, discrete customer commitments and less predictable quarter to quarter.
The episode reinforces the volatile swing from Q4's order surge: long equipment lead times can separate current revenue from customers' current appetite to fund new capacity.
The trend: Semiconductor-equipment demand is increasingly shaped by long-cycle capacity plans, with policy uncertainty amplifying the timing volatility of customer orders.
ASML Q1 25 results [EUR, YoY]: —Total net sales: +46.4% to €7.7B —Net income: +92.4% to €2.4B —Gross margin: +3 ppt to 54.0% —Net bookings: +9.0% to €3.9B CEO: “Our conversations so far with customers support our expectation that 2025 and 2026 will be growth years” $ASML [image]
Good earnings by $ASML ☑️ €3.9B in net bookings ☑️ Reiterates 2025 guidance ☑️ Reiterates 2030 guidance ☑️ More vissibility into 2025/2026 being growth years ☑️ High and Low-NA EUV on track ☑️ €2.7B repurchase in Q1 The market will do what it does, probably focus on the [image]
News: Dutch equipment giant ASML reported lower-than-expected orders, citing chip sector weakness in the quarter before US tariffs threatened to upend the industry Trump's chip tariffs probe includes semiconductor manufacturing equipment @sarahannjacob https://www.bloomberg.com/.…
BREAKING: $ASML reports €7.7 billion total net sales and €2.4 billion net income in Q1 2025; 2025 total net sales expected to be between €30 billion and €35 billion. https://www.asml.com/...
ASML's Q1 bookings are again fairly sluggish at EUR 3.9 billion - The company maintains their growth outlook but we won't get there with this level of order flow. For example, the market is looking for EUR 36 billion in revenues in '26, however, orders have been averaging around …
Fouquet: “Our conversations so far with customers support our expectation that 2025 and 2026 will be growth years. However, the recent tariff announcements have increased uncertainty in the macro environment and the situation will remain dynamic for a while.”
FYI: $ASML upgraded their ‘China guidance’ for 2025 - Previously projected China to be 20% of 2025 net system sales - Now adjusted to 25% because ostronger than anticipated demand - Both Q4 + Q1 China was 27% of system sales - New projection more in line with other semi equip [im…