ASML Holding N.V. (NASDAQ:ASML) shares are trading lower in sympathy with Taiwan Semiconductor, which issued weak third quarter earnings and 2023 guidance.
What To Know: Taiwan Semiconductor reported quarterly earnings of $1.14 per share, versus the analyst consensus estimate of $1.08, a 26.45% decrease over earnings of $1.55 per share from the same period last year. The company reported quarterly sales of $15.68 billion, versus the analyst consensus estimate of $15.49 billion, a 13.66% decrease over sales of $18.16 billion the same period last year.
The company also issued an outlook for the third quarter, with revenue estimated between $16.7 billion and $17.5 billion, gross profit margin between 51.5% and 53.5%, and operating profit margin between 38% and 40%.
Wells Fargo analyst Joseph Quatrochi maintained ASML Holding with a Overweight and raised the price target from $775 to $800.
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ASML Price Action: Shares of ASML were down 5.63% at $675.48 at the time of publication, according to Benzinga Pro.
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