The Los Angeles Post
U.S. World Business Lifestyle
Today: March 18, 2025
Today: March 18, 2025

ASML reports accidental earnings disclosure to Dutch market regulator

October 16, 2024
Toby Sterling - Reuters

By Toby Sterling

FILE PHOTO: Illustration shows ASML logo

AMSTERDAM (Reuters) -Computer chip equipment maker ASML has informed the Dutch markets regulator of its accidental early disclosure of third-quarter earnings in what it described as a "technical error", the company said on Wednesday.

ASML said in a statement it had reached out to the relevant financial authorities immediately following the incident.

A spokesperson for the Netherlands' Financial Markets Authority (AFM) said it could not comment on whether it would investigate the matter, as it is bound by law not to disclose its conversations with firms.

"An important point is that information must be distributed to shareholders at the same time," the spokesperson said.

ASML published the press release containing its third-quarter earnings on its website during trading hours, a half day earlier than planned. They included a downgrade in sales and bookings forecasts for 2025, leading to the biggest selloff in its shares in 20 years.

CEO Christophe Fouquet apologised on a call with analysts on Wednesday, calling it "unfortunate" given the seriousness of the forecast downgrade.

The Netherlands' shareholder organization VEB reacted with dismay to the disclosure, but noted it was not the early disclosure, but the bad news, that led to the share sell-off.

"For a company which is the largest listed company in the Netherlands and also the leading technology company in Europe... it is not what we would expect from ASML," said VEB head Gerben Everts in an interview.

"They must be ashamed that this happened and that it was so prominently in the news."

ASML had a similar incident during its 2022 investor day, when an SEC filing on the company's outlook was published ahead of the Dutch schedule.

Everts, himself a former AFM board member, said he did not believe shareholders have cause to sue for damages over the incident, or that the AFM will eventually issue any penalty worse than ASML's public embarrassment.

But he took issue with ASML labelling the incident a technical error. "This is a human mistake," he said. "Everybody makes mistakes."

(Reporting by Toby Sterling; Editing by Varun H K and Jan Harvey)

Related

Business|Finance|Technology

ASML CEO says AI boom benefits the company

Business|Finance|Stock Markets|Technology

ASML outlook bullish through 2030 due to AI boom -CEO says

Business|Finance|Technology|US

Trump, China loom over chipmaker ASML's investor day

Business|Technology

ASML hit with global IT outage that was resolved

Business|Finance|Technology|US

ASML expects growth in 2026, US-China row to continue, CEO says

Uncategorized

Samsung delays taking deliveries of ASML chip gear for its new US factory, sources say

Local

Local|News

Survey reveals Gen Z experiences burnout earlier

Local|Crime|News

LAPD reports drop in homicides, other crimes for 2024

Lifestyle|Local

Holi celebrations in Los Angeles this weekend

Local|Lifestyle|News|WrittenByLAPost

Los Angeles Marathon to take place Sunday

Share This

Popular

Asia|Business|Economy|Finance|Stock Markets

Stock market today: Back down goes Wall Street as Big Tech resumes its slide

Stock market today: Back down goes Wall Street as Big Tech resumes its slide
Business|Political|Technology|US

Judge rules DOGE's USAID dismantling likely violates the Constitution

Judge rules DOGE's USAID dismantling likely violates the Constitution
Business|Political|Travel|US

USDOJ in talks with Southwest Airlines to resolve delayed flights lawsuit

USDOJ in talks with Southwest Airlines to resolve delayed flights lawsuit
Americas|Business|Economy

Chile's economy slows in Q4 but full-year growth beats estimates

Chile's economy slows in Q4 but full-year growth beats estimates

Technology

Business|Crime|Technology|US

Google to pay $28 million to settle claims it favored white and Asian employees

Google to pay $28 million to settle claims it favored white and Asian employees
Americas|Business|Political|Technology|World

Canada's new prime minister announces Australian radar purchase while visiting edge of Arctic Circle

Canada's new prime minister announces Australian radar purchase while visiting edge of Arctic Circle
Business|Economy|Science|Technology

GM to use Nvidia AI chips, software to automate vehicles, factories

GM to use Nvidia AI chips, software to automate vehicles, factories
Arts|Technology|US

US appeals court rejects copyrights for AI-generated art lacking 'human' creator

US appeals court rejects copyrights for AI-generated art lacking 'human' creator