Chip designer Arm Holdings (ARM) late Wednesday beat analyst estimates for its fiscal first quarter. But Arm stock fell in extended trading after its earnings outlook came up short.
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The Cambridge, U.K.-based company earned an adjusted 40 cents a share on sales of $939 million in the quarter ended June 30. Analysts polled by FactSet had expected Arm earnings of 34 cents a share on sales of $906 million. In the year-earlier period, Arm earned an adjusted 24 cents a share on sales of $675 million.
In after-hours trading on the stock market today, Arm stock slid 7.1% to 134. During the regular session Wednesday, Arm stock jumped 8.4% to close at 144.17 amid a semiconductor stock rally.
Earnings report details to follow.
Arm stock is on the IBD Tech Leaders list.
Follow Patrick Seitz on X, formerly Twitter, at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
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