ASML has achieved record turnover in 2023, partly thanks to Chinese customers, according to the annual report that the company published on Wednesday. The Veldhoven chip machine maker saw its sales figures increase by 30 percent, even though the economic conditions were far from ideal.
Earlier this year it was announced that the high-tech giant’s turnover increased from 21.2 billion euros to 27.6 billion euros. Profit rose from 5.6 billion in 2022 to 7.8 billion in 2023 – an increase of 39 percent compared to the previous year.
CEO Peter Wennink says that the results were achieved in a context in which the chip industry entered a serious ‘downward spiral’. The economic conditions were far from optimal, such as inflation and rising interest rates. ASML was faced with export restrictions from the United States and – on instructions from the US – also from the Netherlands itself. Remarkably, the target of the export restrictions: namely Chinese companies, was also the reason ASML performed so well in 2023.
China
Wennink saw that the demand for DUV machines remained high. “Over the past two years, Chinese customers have received significantly fewer systems than they ordered because global demand far exceeded the number of deliveries. Because demands from other countries decreased, ASML now saw the opportunity to serve Chinese customers – in accordance with the export restrictions,” Wennink emphasises.
Even in 2024, ASML will not have to be short of work. The company still has 39 billion euros worth of outstanding orders, according to the annual report. ASML paid out 3.3 billion euros to shareholders in 2023.
Source: Studio040
For Eindhoven News: Lila Mehrez
