AMSTERDAM, Jan 24 Reuters Chipmaking equipment maker ASML Holding on Wednesday reported fourthquarter earnings that beat expectations and its bestever quarterly orders, but it kept a cautious outlook for 2024 as it faces new restrictions on exports to China.

Net profit at Europe39;s biggest technology company by market value rose 9 to 2.0 billion euros 2.17 billion on sales of 7.2 billion euros in the fourth quarter. That topped analyst expectations of a 1.87 billion euros net profit on revenue of 6.9 billion euros, according to LSEG data.

The company registered strong orders of more than 9 billion euros in the fourth quarter more than triple thirdquarter levels but kept its outlook for flat sales growth in 2024 despite strong demand for artificial intelligence chips.

The semiconductor industry continues to work through the bottom of the cycle, CEO Peter Wennink said in a statement.

Although our customers are still not certain about the shape of the semiconductor market recovery this year, there are some positive signs, he said, citing improving demand for chips and higher factory utilisation rates.

Taiwan39;s TSMC, which manufactures chips for Apple and Nvidia and is ASML39;s biggest customer, said last week its expected capital expenditures would be flat in 2024.

ASML dominates the global market for lithography systems, equipment used by computer chipmakers to help create the circuitry of chips.

After the good results and the good outlook from TSMC last…