ARM Holdings jumps after strong 3Q revenue
NEW YORK (AP) — Shares of ARM Holdings PLC jumped Tuesday after the British company's third-quarter revenue topped analyst estimates.
THE SPARK: ARM, which designs chips for smartphones and other devices, said revenue rose 18 percent to $227.9 million from $192.3 million. Analysts expected revenue of $221.9 million, according to FactSet.
THE BIG PICTURE: Consumers are increasingly turning to smartphones and tablets from PCs, helping support demand for ARM's chip technology.
SHARE ACTION: U.S. shares of ARM Holdings jumped $3.01, or 11 percent, to $31.13 in afternoon trading. Broader markets sank Tuesday as the third-quarter earnings season got off to a weak start overall.