Chip designer ARM delivers Q1 profit rise

LONDON, April 20 (Reuters) - ARM Holdings, the provider of technology for the iPhone, reported a 14 percent rise in first-quarter profit, outperforming a weak semiconductor market as its most advanced chips were used in an increasing number of smartphones.

The British company reported adjusted profit of 137.5 million pounds on revenue, measured in dollars, of $398 million, both slightly beating market forecasts.

It said based on current industry conditions, it expected full-year revenues to be in line with expectations.

But it cautioned that macroeconomic uncertainty remained, and could influence consumer and enterprise spending in the rest of the year, potentially impacting semiconductor sales.

Shares in ARM have fallen to seven-week lows in recent days on reports that Apple has continued to reduce iPhone production in the current quarter. (Reporting by Paul Sandle; editing by Kate Holton)