Deals - Asia

ARM, soon to be bought by Softbank, posts second-quarter profit rise

An ARM and SoftBank Group branded board is displayed at a news conference in London, Britain July 18, 2016. REUTERS/Neil Hall

LONDON (Reuters) - British chip designer ARM Holdings, which earlier this month agreed to be bought by Softbank Group Corp for $32 billion, reported a 5 percent rise in second quarter profit on Wednesday.

The provider of technology for the iPhone, satellites and supercomputers said that given restrictions linked to Softbank’s recommended offer it would not be providing its usual full-year revenue guidance at this stage.

For the three months ended June 30, the company said normalized pretax profit came in at 130.1 million pounds ($171 million) on revenues which rose 9 percent to $387.6 million.

Japan’s SoftBank announced its takeover of ARM on July 18, agreeing a deal that it hopes will help it lead the next wave of digital innovation.

Reporting by Sarah Young; editing by Kate Holton