ASML (ASML.US) fell nearly 11% after reporting revenue that fell short of analysts' expectations for the third quarter.

Wednesday, shares of ASML (ASML.US) fell, down nearly 11% to $951.4 at the time of writing, the biggest single-day drop since March 18, 2020. The company reported second-quarter revenues and sales above expectations, and new orders higher than the first quarter, but its third-quarter revenue guidance fell short of analysts' expectations.

The company reported second-quarter sales of €6.24bn, up from €5.29bn a year earlier, above the consensus of €6.025bn; net income of €1.578bn, up from €1.224bn a year earlier; and basic earnings per share of €4.01, up from €3.11 a year earlier. Gross margin was 51.5%, above expectations.

New orders in the second quarter were €5.57bn, up 24% year-on-year, well above the consensus of €4.41bn. Of these, €2.5bn were for EUV lithography tools.

ASML expects third-quarter sales of €6.7bn-€7.3bn, below the consensus of €7.46bn; expects gross margin of 50%-51%; expects research and development costs of around €1.1bn, and selling, general and administrative expenses of €295m.