AMSTERDAM (Reuters) - Semiconductor equipment maker ASML on Wednesday reported higher-than-expected quarterly profit of 627 million euros ($691.64 million) and bookings, driven by solid demand for 5G telecom network and artificial intelligence applications.
Analysts polled by Refinitiv had forecast third-quarter net income of ASML, one of the world's largest equipment suppliers to computer chip makers, to come in at 609 million euros.
The company's net income stood at 680 million euros last year.
ASML posted sales of 3 billion euros and forecast that its fourth-quarter sales will come in at 3.8 billion euros.
Company said it had received bookings for 23 of its most advanced lithography systems, which cost around 100 million euros each. Lithography is at the heart of the chipmaking process, using beams of light to map out the circuitry of chips.
ASML said its newest technology using Extreme Ultraviolet, or EUV, beams, is going mainstream.
"This strong order inflow confirms the adoption of EUV in high volume manufacturing for Logic and Memory" chips, said Chief Executive Officer Peter Wennink in a statement.
"We continue to see 2019 as a growth year."
ASML's clients include all major chipmakers, notably heavyweights Samsung (KS:005930) and TSMC
ASML shares closed on Tuesday at an all-time high of 243.2 euros, and gained more than 75% so far this year.