Investors were disappointed by the update, sending shares down 6% in early trade.

It's a change of pace for Europe's biggest tech firm, which has seen its stock rocket more than a third this year.

Net income in the first quarter was just under $1.3 billion - down from the previous period's near $2.2 billion.

Sales were also well down on the last quarter for the world's largest supplier of equipment to computer chip makers.

Analysts had forecast new bookings of around $5.7 billion, but ASML fell well short with just $3.8 billion.

The firm kept its full-year financial forecasts unchanged, with sales seen as flat from last year.

Business in China did hold up, however, despite U.S.-led restrictions on what it can export.

Sales of ASML's lithography systems to customers in the country made up a record 49% of the total in the first quarter.

The company dominates the market for such systems.

The machines can cost hundreds millions of dollars each, and use light beams to help create microscopic circuitry.