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ASMI Tops Q3 Expectations, Raises Outlook

Chipmaker ASMI has reported better-than-expected third-quarter results and raised its full-year outlook, driven by strong demand for its semiconductor manufacturing equipment.

Key Highlights:

Revenue rose 21% year-over-year to €485 million, exceeding estimates of €472 million.
Net income increased 37% to €160 million, beating expectations of €153 million.
ASMI raised its full-year revenue growth guidance to 15-19%, up from the previous range of 10-15%.
The company also increased its gross margin target to 50-52% for 2022, higher than the previous target of 48-50%.

ASMI's strong performance reflects the ongoing global chip shortage, which has boosted demand for semiconductor manufacturing equipment. The company's lithography systems, which are used to create patterns on silicon wafers, are in high demand from chipmakers.

ASMI also benefited from favorable foreign exchange rates, which boosted its revenue by €9 million in the quarter. The company expects this tailwind to continue in the fourth quarter.

Despite the strong results, ASMI's shares fell 2% in after-hours trading. Analysts attributed the decline to concerns about a potential slowdown in the semiconductor market next year.

However, ASMI CEO Benjamin Loh said he is confident in the company's long-term prospects. "We see continued strong demand from our customers in the coming quarters," he said. "We are well-positioned to benefit from the structural growth in the semiconductor industry."

Analysts' Reactions:

UBS: "ASMI's Q3 results were impressive and the company's outlook is positive. We maintain our Buy rating and raise our price target to €250."
Credit Suisse: "ASMI is a well-run company with a strong market position. We believe the stock is undervalued and recommend investors to buy."
Deutsche Bank: "ASMI's results show that the demand for semiconductor manufacturing equipment remains strong. We expect the company to continue to benefit from this trend and recommend investors to hold the stock."