Shares of ASML Holding N.V. (ASML) are rising over 3% Wednesday morning, after the semiconductor equipment maker reported strong Q1 results.
The stock, which has been trading between $275.96 and $653.00 in the past one year, is currently trading at $638.42, up $21.48 or 3.48%, with trading volume rising over 496K versus an average volume of 979K shares.
ASML Holding reported that its first-quarter net income surged to 1.33 billion euros or 3.20 euros per share from last year's 390.6 million euros or 0.93 euros per share. Total net sales for the quarter grew to 4.36 billion euros from 2.44 billion euros in the previous year.
The company expects second-quarter revenue to be between 4.0 billion euros and 4.1 billion euros with a gross margin around 49%. ASML now expects revenue growth towards 30% in 2021 compared to last year.
The company plans to purchase shares up to 6 billion euros, which includes a total of up to 0.4 million shares to cover employee share plans. ASML intends to cancel the remainder of the shares repurchased. ASML purchased shares in the first-quarter for more than 1.6 billion euros.
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