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(Sharecast News) - Shares in ASM International surged on Wednesday after the Dutch semiconductor equipment maker posted better than expected first quarter sales driven by demand for artificial intelligence.
Sales rose to 862.5m from 839.2m, beating forecasts of 834.6m. The company also swung to a net profit of 238.5m compared with a loss of 28.9 million euros a year earlier. Shares in the firm were up more than 8% in European trade.
"End-market demand continues to be primarily driven by AI, even as the broader backdrop has become more uncertain amid the Middle East conflict, rising energy prices, and potential implications for global GDP growth," said chief executive Hichem M'Saad.
Reporting by Frank Prenesti for Sharecast.com
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