Arm's Stock Jumps 25% Higher On Strong Outlook

2024-02-08 10:10:46

(MENAFN- Baystreet) NAAS Gains on News

Thomson Reuters Announces Strong earnings And A.I. Licensing Deals

Palantir Stock Stays Hot on Back of AI Development

Snap's Stock Plunges 30% On Weak Outlook

Why SoFi Dipped After Posting Stellar Results Previous Articles Subscribe to Get Small Cap News & Alerts Baystreet Staf - Thursday, February 8, 2024

Arm's Stock Jumps 25% Higher On Strong Outlook Shares of Arm Holdings (ARM) are up 25% after the British chipmaker reported financial results that beat Wall Street estimates and issued strong forward guidance.
At one point, Arm's stock was up 41% in after hours trading. However, the share price has since pulled back.
The big move higher comes after the company that designs microchips and semiconductors announced earnings per share (EPS) of $0.29 U.S. versus $0.25 U.S. that was expected among analysts who cover the company.
Revenue in what was Arm's fiscal third quarter came in at $824 million U.S. compared to $761 million U.S. that was forecast on Wall Street.
In terms of guidance, Arm, whose chips are used in nearly every smartphone and many computers, said it expects earnings for its current fiscal Q4 of $0.28 U.S. to $0.32 U.S.
The company also said that it expects revenue of $850 million U.S. to $900 million U.S. in the current quarter.
Analysts had been looking for earnings of $0.21 U.S. and revenue of $780 million U.S. from Arm Holdings.
Arm said it shipped 7.7 billion chips during the most recent quarter. The company makes money through royalty payments. Its royalty revenue increased 11% on an annual basis to $470 million U.S.
The company added that it is seeing growing demand for its microchips due to the rise of artificial intelligence (A.I.) applications and models.
Prior to today (Feb. 8), Arm's stock had risen 27% since its initial public offering (IPO) in September 2023 and was trading at $77.01 U.S. per share.

About Us
Contact Us
Advertise
License Our Content
Jobs
Disclaimer
Privacy Policy

Copyright 1998 - 2024 Baystreet Media Corp. All rights reserved. Nasdaq Stocks: Information delayed 15 minutes. Non-Nasdaq Stocks: Information delayed 20 minutes. Bid and Ask quotation information for NYSE and AMEX securities is only available on a real time basis. Market Data is provided by QuoteMedia. Earnings by Zacks. Analyst Ratings by Zacks

MENAFN08022024000212011056ID1107828773

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.