Why ASML Stock Soared Today
Shares of lithography systems manufacturer ASML Holding (NASDAQ: ASML) soared on Wednesday even though the company gave cautious guidance for 2024. Investors, however, looked past the cautious outlook because financial results for the fourth quarter of 2023 were just so darn good. As of 9:45 a.m. ET, ASML stock was up about 8%.
Lithography systems are crucial to semiconductor manufacturing, and ASML has a stranglehold on the market. To be clear, business was relatively slow in 2023. But it bounced back in a big way in Q4, which is why the market is so upbeat.
In Q4, ASML had net sales of 7.2 billion euros, which was up almost 13% year over year. The company also provides other forward-looking metrics that were very promising. It had net bookings of nearly 9.2 billion euros. For perspective, that was almost as much as it had in the previous three quarters combined.
Source Fool.com
