ASML Holding NV, a key provider to laptop chip makers, on Wednesday reported first quarter earnings that beat expectations, as prospects acquired its merchandise at swift clip regardless of indicators of weak point in finish markets.

The corporate’s internet revenue for the quarter ended March 31 was 1.96 billion euros ($2.15 billion), practically 3 instances larger than 695 million euros a 12 months in the past.

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Its income was up 91% at 6.74 billion euros.

Analysts had forecast internet revenue of 1.62 billion euros on income of 6.31 billion euros, in line with Refinitiv information.

CEO Peter Wennink stated that a few of ASML’s prospects had been tweaking the timing of receiving instruments or in any other case being attentive to the modified scenario, however the firm’s outlook continues to be sturdy.

“The general demand nonetheless exceeds our capability for this 12 months and we presently have an (order) backlog of over 38.9 billion euros,” he stated.

ASML, Europe’s largest expertise agency by market capitalization, performs a key function within the semiconductor trade because it dominates the marketplace for lithography tools, used to create the minute circuitry of chips.