ASML shares dive on lower profits, orders [Video]

Shares in Dutch tech giant ASML, which supplies chip-making machines to the semiconductor industry, slumped Wednesday after the firm reported a drop in net profits and orders amid a high-tech trade spat between China and the West.

Net profits came in at 1.2 billion euros ($1.3 billion) in the first quarter, compared to 2.0 billion euros the firm reported in the fourth quarter of last year.

Bookings slumped to 3.6 billion euros, a sharp decline from the 9.2 billion euros reported in the fourth quarter.

Company shares slumped more than six percent at the opening bell of the Amsterdam stock exchange, which was down 0.7 percent overall.

The stock recovered slightly during the day but was still around four percent lower just before the close.

ASML is one of the leading manufacturers of equipment to …