UK chip maker ARM has declined to raise its financial outlook for the year, despite posting exceptional Q2 financial results.
The company's revenue during the second quarter of 2010 increased by 54 per cent, 10 per cent more than analysts had predicted, finishing at £100 million. ARM recorded an increase in pre-tax profits from £6.4 million during the same period last year, to £29.6 million.
First half-year revenues also rose 33 per cent to £192 million, with pre-tax profits up 85 per cent to £55.5 million.
ARM, which supplies the semiconductors used in smartphones including the Apple iPhone, has benefited from the rising popularity of the devices. Semiconductors sold by the company are found in nine out of every 10 mobile phones sold today.
ARM chips are also used in office equipment, car engines and washing machines.
Speaking to the Financial Times, ARM CEO Warren East said: “ARM continued to gain share in the quarter with shipments of ARM-based chips growing faster than the industry in all target markets.”