ARM Sales Beat Estimates as Chip Designs Win Higher Prices
- Demand for IPhone, Samsung smartphones boosting revenue
- Shares up as much as 9.8 percent, the biggest jump since 2013
Arm Holdings Beats 3Q Estimates
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ARM Holdings Plc, the chip designer whose products appear in almost all of the world’s smartphones, reported third-quarter revenue that beat analysts’ estimates as it won customers for newer, more expensive technology. The stock rose the most in more than two years.
Revenue gained 24 percent to 243.1 million pounds ($375 million), the Cambridge, England-based company said Wednesday. Analysts had predicted 240.9 million pounds on average, according to data compiled by Bloomberg. As measured in U.S. dollars, ARM said sales rose 17 percent.