Chip designer ARM sees pick up in demand in second half
LONDON, April 23
LONDON, April 23 (Reuters) - ARM Holdings, the British company whose chip technology powers Apple's iPhone, reported a 9 percent rise in first-quarter profit and said its customers were signaling an upturn in demand in the second half.
The Cambridge-based firm posted pretax profit of 97.1 million pounds on revenue collected in dollars of $305.2 million, up 16 percent.
It said demand had dropped seasonally in the first quarter, as expected, which would affect the royalties it would collect in the second quarter.
"Recent indications from the semiconductor industry and ARM's customers suggest that ARM will benefit from an improving environment in the second half," it said on Wednesday. (Reporting by Paul Sandle)