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Arm shares soar after company reports strong earnings and forecast

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Arm CEO Rene Haas and executives cheer as Softbank’s Arm, a chip design firm, holds an initial public offering at the Nasdaq MarketSite in New York, Sept. 14, 2023.

Brendan Mcdermid | Reuters

Shares of chip designer Arm soared more than 60% on Thursday after the chip design company reported better-than-expected earnings and issued a strong profit forecast for the current quarter.

The stock surge added about $46.8 billion to Arm’s market cap, with more than $42 billion of that accruing to SoftBank, which owns 90% of the company.

Arm’s chip design technology is in most smartphones and many PCs. The company reported adjusted earnings per share of 29 cents, topping the average analyst estimate of 25 cents, according to LSEG, formerly known as Refinitiv. Revenue rose 14% to $824 million, beating the $761 million average estimate.

For the current quarter, Arm projected earnings per share of between 28 cents and 32 cents on sales of $850 million to $900 million. Analysts expect earnings of 21 cents per share on sales of $780 million. At the midpoint of its revenue range, Arm is looking for revenue growth this quarter of 38%.

Arm, founded in 1990 and acquired by Softbank in 2016 for $32 billion, went public in September. The company sold shares at $51 apiece in its initial public offering and was trading above $122 on Thursday.

— CNBC’s Kif Leswing contributed reporting.

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