Strong ARM Delivers Results
U.K. chip designer ARM once again delivered the goods, Wednesday reporting solid first quarter results ahead of market expectations on the back of its processor business. It’s also quietly confident about the outlook; reiterating its annual revenue guidance.
ARM’s performance mimics that of others in the semiconductor space, including STMicroelectronics, which Tuesday reported that first-quarter earnings nearly tripled from a year earlier. Intel and Apple have also posted strong numbers over the past week on the back of strong demand.
The FTSE 100 company, which is trading at 50 times its earnings, posted a 10 percent rise in first quarter net profit to £21.5 million on the back of a 26% increase in revenue to £116 million. It secured 39 processor licenses in the quarter ended March 31 after signing 35 processor licenses in the previous quarter.