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Opinion
Tim Culpan

This Supplier to Chipmakers Is Drowning in Success

ASML misses revenue forecasts, a victim of having all the business it can handle — and then some.

A fire at a manufacturing site in Berlin in January had barely any impact on output.

A fire at a manufacturing site in Berlin in January had barely any impact on output.

Photographer: Krisztian Bocsi/Bloomberg

Headline numbers for ASML Holding NV look bad, but what they really show is a global powerhouse struggling to handle its own unassailable popularity.

The Dutch maker of semiconductor-manufacturing equipment forecast second-quarter revenue 10% below analyst estimates. Distraught investors, who’ve already driven the stock down 21% this year, ought to take a chill pill. While it’s not great that more than 500 million euros ($541 million) in sales is left on the table for the June period, part of that shortfall is due to clients’ own impatience.