ASMI raises quarterly guidance after AI orders offset Chinese sales drop
Technology
ASMI raises quarterly guidance after AI orders offset Chinese sales drop
(Reuters) - Computer chip-making equipment supplier ASM International (ASMI) raised its third-quarter guidance after second-quarter orders beat expectations thanks to AI-related products that outweighed a drop in Chinese sales, it said on Tuesday.
The Dutch company now forecasts 15% higher revenue, in a range between 740 million and 780 million euros ($803 million to $846 million), for the third quarter.
"We continue to expect sales from China to drop in the second half compared to the exceptional level in the first half," the company said, adding that sales for AI-related products will more than offset the drop.
Last week shares of rival ASML dropped 10% as risks of tighter restrictions clouded strong results.
ASMI's orders rose to 755.4 million euros ($819.9 million) in the second quarter, beating a 726 million euro consensus from analyst forecasts compiled by the company.
