The UK’s fabless chipmaker ARM has done a lot better than the cocaine noses jobs of Wall Street predicted.
Despite the fact that there are signs of weakening consumer demand, and the fact its rival Intel reduced its forecast, ARM continues to do well.
Chief financial officer Tim Score said the strength of demand for its technology and a strong performance in licensing meant it was confident of meeting market forecasts for the year.
Wall Street Analysts emerged from powdering their noses in he office toilets to tell Reuters that the figures being shown by ARM were about five per cent better than they expected.
The company posted a 23 percent rise in adjusted pretax profit to $103.25 million.
ARM seems to be coining it in from strong demand for smartphones, tablets and digital TVs.
Everyone is still predicting a slow down for ARM, but it is fairly clear that it did not see it this quarter. Some of this is to do with the fact that ARM reports royalties a quarter in arrears, so its second-quarter numbers reflect sales of devices in the first months of the year, when some 2 billion ARM-based chips were shipped.
Analysts expect ARM to bank a full-year revenue of $875 million after slightly lowering their numbers down from $877 million to reflect the weaker economic climate.
Wall Street expects ARM to report pretax profit of £57.8 million on revenue of £129.8 million.