Dutch tech giant ASML, which sells cutting-edge machines used to make semiconductor chips, logged a significant gain in annual net profit on Wednesday, but still said it would slash hundreds of management jobs to improve internal organization.
Shares in the firm soared more than 7% at the opening bell as it forecast another record sales year in 2026, driven by insatiable demand for artificial intelligence.
ASML is a critical cog in the global economy, as the semiconductors crafted with its tools power everything from smartphones to missiles.
The company, Europe's big
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