In today’s briefing:
- ASML’s Gloomy Outlook Sinks Semis
- IRDM: Valuation Reset, Cash Flow Rising
ASML’s Gloomy Outlook Sinks Semis
- ASML reported Q323 revenues of €6.7 billion, largely in line with guidance, down 3% QoQ but up 15.5% YoY. Q423 revenue forecast of €6.9 billion.
- ASML remains on track for a remarkable 30% YoY growth in 2023 revenues
- ASML forecasting 2024 as a zero growth year as order intake in Q323 falls to €2.6 billion, massively down on the €8.9 billion in the year-ago quarter.
IRDM: Valuation Reset, Cash Flow Rising
- IRDM used its third quarter results as means to update investors on where operating EBITDA would end up for 2023 and the continued progress with direct to device
- IRDM reported quarterly results missing our estimates due to a larger than expected decline in equipment revenue.
- The Qualcomm (QCOM) partnership is poised to emerge as the most significant catalyst for 2024
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