Chip designer ARM delivers Q1 earnings beat
LONDON, April 23
LONDON, April 23 (Reuters) - British chip designer ARM Holdings easily beat first-quarter profit forecasts, helped by the strength of the dollar and buoyant demand for smartphones and tablets that use its processor technology.
The Cambridge-based company reported a 44 percent jump in adjusted pretax profit of 89.4 million pounds ($136.3 million) on Tuesday, beating analysts' forecasts of 77.6 million pounds. Revenue rose 28 percent to 170.3 million pounds.
ARM collects most of its revenue in the dollar, which has strengthened by about nearly 7 percent against the pound since the start of 2013.
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