Arm Stock Soars 20% on AI-Powered Earnings Beat and Annual Guidance Raise
Shares of Arm Holdings (NASDAQ: ARM) soared 19.9% in Wednesday's after-hours trading following the release of a strong fiscal third-quarter report for the leading designer of central processing unit (CPU) chips.
Investors' collective delight is attributable to the quarter's revenue and earnings handily beating Wall Street's consensus estimates, along with management raising its guidance for the full fiscal year to levels solidly above analysts' expectations.
As background, the U.K.-based company held its initial public offering (IPO) in mid-September 2023. So, its fiscal Q3 2024 report, for the period ended Dec. 31, 2023, is its second quarterly report released as a public company, but just its first report that covers an entire period in which it was publicly traded.
Source Fool.com
