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Investing.com -- ASML (AS:ASML) on Wednesday said it can no longer confirm revenue growth in 2026, citing increased macroeconomic uncertainty, marking a shift from earlier projections and sending its shares down more than 7% despite second-quarter results that beat expectations.
The semiconductor company had previously indicated that both 2025 and 2026 would be growth years.
It did not withdraw guidance, but stated it is now unable to confirm 2026 revenue growth, reversing its earlier position.
Jefferies noted that consensus currently expects 7% growth for 2026, while the brokerage forecasts a 2% decline due to softening DRAM demand and risks related to China. The analysts also project 2026 earnings per share 16% below consensus.
ASML reported second-quarter 2025 net sales of €7.69 billion, exceeding the €7.54 billion consensus. Gross margin was 53.7%, ahead of consensus. Earnings per share were 14% above Jefferies’ forecast.
Net bookings came in at €5.5 billion, including €2.3 billion from low and high-NA EUV systems, outpacing the €4.47 billion consensus forecast.
However, memory-related bookings declined 41% year-over-year, which Jefferies said supports its view that DRAM demand is weakening.
Q3 2025 guidance came in below expectations, with revenue forecast between €7.4 billion and €7.9 billion, versus consensus of €8.18 billion. The company guided gross margin between 50% and 52%, compared with a consensus estimate of 51.5%.
For full-year 2025, ASML maintained its outlook of 15% revenue growth, implying €32.5 billion in sales, within the previously guided range of €30 billion to €35 billion, and in line with the €32.39 billion consensus.
Gross margin for the year is now expected to be around 52%, narrowing from the earlier 51% to 53% range.