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:Arm surged more than 30 per cent on Wednesday after the British tech company forecast quarterly sales and profit above Wall Street expectations as customers aim to design new chips for artificial intelligence work, generating higher royalties.The surge in Arm's stock lifted its market capitalization by abou
Arm's stock gains more than 25% on strong earnings beat and bullish guidance - SiliconANGLE
Arm shares surged more than 30 per cent after the British tech company forecast quarterly sales and profit above expectations as customers aim to design new chips for AI work, generating higher royalties.
Arm shares rose roughly 35% in after-hours trading after the forecast and results were released. The over 30% surge in Arm's stock after its report late on Wednesday lifted its market capitalization by about $26 billion.
(Reuters) -Arm Holdings surged more than 30% on Wednesday after the British tech company forecast fiscal fourth-quarter sales and adjusted profit above Wall Street expectations as customers aim to design new chips for artificial intelligence work, generating higher royalties. Arm's forecast ranges for its fourth quarter had midpoints of $875 million for sales and 30 cents per share for adjusted earnings, above estimates of $780.3 million and 21 cents per share, according to LSEG data. Arm shares rose roughly 35% in after-hours trading after the forecast and results were released.