ASMI raises quarterly guidance after AI orders offset Chinese sales drop
Recasts, adds background and quote, paragraphs 1,3,4
By Nathan Vifflin
July 23 (Reuters) -Computer chip-making equipment supplier ASM International ASMI.AS (ASMI) raised its third-quarter guidance after second-quarter orders beat expectations thanks to AI-related products that outweighed a drop in Chinese sales, it said on Tuesday.
The Dutch company now forecasts 15% higher revenue, in a range between 740 million and 780 million euros ($803 million to $846 million), for the third quarter.
"We continue to expect sales from China to drop in the second half compared to the exceptional level in the first half," the company said, adding that sales for AI-related products will more than offset the drop.
ASMI, customers of which include AI chip giant Nvidia NVDA.O, TSMC 2330.TW, Samsung 005930.KS and Intel INTC.O, has registered a drop in sales after the U.S. introduced strict controls on the export of advanced semiconductors to China.
Last week shares of rival ASML ASML.AS dropped 10% as risks of tighter restrictions clouded strong results.
ASMI's orders rose to 755.4 million euros ($819.9 million) in the second quarter, beating a 726 million euro consensus from analyst forecasts compiled by the company.
($1 = 0.9217 euros)
Reporting by Nathan Vifflin
Editing by David Goodman
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