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Warning on demand dents ARM
CHIP designer ARM’s confidence that it would see more growth, after third-quarter revenue beat expectations, was overshadowed by a warning from one of its chipmaking customers that demand could be weakening.
Its shares, which have risen by 120 per cent since the start of the year, fell 5.9 per cent to close at 366.20p after Texas Instruments said end-demand for chips could be weakening.
Execution Noble analysts said ARM would not be immune to a slowdown. But ARM was positive, saying it would continue to outgrow the market.
ARM reported a 60 per cent rise in pre-tax profit to £38.8m on revenue of £100.4m.