Semiconductor giant ASML (NASDAQ: ASML) has lost its spark recently after a solid start to 2023, with shares of the company now up just 10% year to date despite the impressive growth that it's delivering quarter after quarter.
As it turns out, ASML stock is down 12% in the past three months. Even worse, it looks like the stock will remain under pressure following its third-quarter 2023 results (released on Oct. 18). Investors were quick to press the panic button after seeing what ASML reported. Let's see why that was the case and check if the stock's recent slip could be a buying opportunity for savvy investors.
ASML's Q3 revenue increased 16% year over year to 6.7 billion euros. Its adjusted net income increased to 4.81 euros per share from 4.29 euros per share in the prior-year period, a jump of 12%. In U.S. dollar terms, the Dutch semiconductor equipment supplier delivered $5.23 per share in earnings on $7.26 billion in revenue. Analysts predicted earnings of $4.92 per share on revenue of $7.19 billion. What's more, ASML reiterated its 2023 revenue growth forecast of 30%, indicating that its annual revenue is on track to jump to 27.5 billion euros from last year's level of 21.2 billion euros.
Source Fool.com