Beats Earnings by ~28% & Beats Revenue expectations by ~18%
Total Revenue: ~€6.24 Bn, down 9% YoY, up 18% QoQ
Net Income: €1.58 Bn, down 29% YoY, up 29% QoQ
Shares down ~6% after results
Key Takeaways:
Net Bookings: €5.57Bn, up ~24% YoY, up ~54% QoQ
Sales to China constitute 49% of total net system sales, representing €2.33Bn
Expects Q3 2024 total net sales between €6.7 Bn and €7.3 Bn and a gross margin between 50% and 51%
CEO Christophe Fouquet on Market Recovery:
“We’re looking at strong developments in AI, driving most of the industry recovery and growth, ahead of other market segments. We still see 2024 as a transition year with continued investments in both capacity ramp and technology.”
President and CEO Christophe Fouquet on Q2 2024:
“In line with previous quarters, overall semiconductor inventory levels continue to improve, and we also see further improvement in litho tool utilization levels at both Logic and Memory customers. While there are still uncertainties in the market, primarily driven by the macro environment, we expect industry recovery to continue in the second half of the year.”
