ASML, the Dutch lithography giant, reported on Wednesday that its net profit in the first quarter was 1.33 billion euros, up nearly 2.5 times from 390.6 million euros in the same period of last year, due to a sharp increase in equipment demand under the global chip shortage.
Net revenue increased by nearly 80% to 4.36 billion euros from 2.44 billion euros in the same period last year. The gross profit rate reached 53.9%.
The company raised its revenue forecast for 2021, and “currently, it expects the annual revenue growth to be close to 30%.” The company had expected double-digit revenue growth in 2021.
ASML also said it expected to complete ahead of time the 6 billion euro share buyback plan announced in January last year, as the current strong cash flow will enable it to buy back a large number of shares in the coming quarters.