Arm shares soar as much as 41% after chip designer gives strong forecast, says AI is boosting sales
Publishing timestamp: 2024-02-08 06:52:24
Summary
Arm reported better-than-expected earnings for the fiscal third quarter and provided a strong profit forecast for the current quarter. The company's shares soared in extended trading. Arm's chip design technology is widely used in smartphones and PCs. The company expects earnings per share for the fiscal fourth quarter to be between 28 cents and 32 cents on sales of $850 million to $900 million. The increase in revenue was partially due to the recovery in the smartphone market and increased sales to automotive companies and cloud providers. Arm's licensing business and royalty revenue also saw growth.
Sentiment: POSITIVE
Tickers: GOOGL, GOOG, AAPL, MSFT, ARM?QSEARCHTERM=ARM, NVDA,
Keywords: earnings, nvidia corp, artificial intelligence, breaking news: technology, business, microsoft corp, business news, apple inc, arm holdings plc, semiconductor device manufacturing, alphabet class c, technology, alphabet inc,
Source: https://www.cnbc.com/2024/02/07/arm-earnings-report-q3-2024-.html