Lasertec Shares Slump After It Projects Drop in Orders

By Kosaku Narioka

Lasertec Corp. shares fell sharply Wednesday morning after the company reduced its fiscal-year forecast for orders to be received.

The shares were recently 11% lower at 22,720 yen after falling as much as 13% earlier.

The Japanese maker of equipment used in chip production said Tuesday after market close that it expected orders to drop 44% from a year earlier to Y180.00 billion ($1.38 billion) for the fiscal year ending June, down from its previous projection of Y300.00 billion.

The company said semiconductor makers are expected to reduce capital expenditure in 2023 due to a deterioration of the chip market.

Semiconductor demand is expected to start to recover in the second half of the year or later, Lasertec said. New chip plants are planned around the world as concerns are growing about the stability of supply chains for advanced chips, it said.

For the six-month period ended Dec. 31, Lasertec's net profit rose 40% from a year earlier to Y13.58 billion as revenue increased 49% to Y55.10 billion.

Write to Kosaku Narioka at [e-mail]

(END) Dow Jones Newswires

01-31-23 2112ET