LONDON, July 25 (Reuters) - Britain’s ARM Holdings beat market expectations for the second-quarter after demand for its low power chips in smartphones and tablets continued to outstrip the industry, providing a firm foundation against growing signs of weakening consumer demand.
The Cambridge-Based company posted a 23 percent rise in adjusted pretax profit to 66.5 million pounds ($103.25 million)on sales of 135.5 million pounds, resulting earnings per share of 3.58 pence, all ahead of analyst forecasts.
Apple, which uses ARM’s technology in the iPhone and iPad, missed expectations on Tuesday, hit by Europe’s economic woes and a pause in iPhone sales ahead of the next version.
Chipmakers Intel and Qualcomm have also reduced forecasts in recent weeks, reinforing fears about the strength of demand for technology.
The market expected the company to report pretax profit of 57.8 million pounds on revenue of 129.8 million pounds, and earnings per share of 3.14 pence, according to a company-supplied consensus of 25 analysts.
$1 = 0.6441 British pounds Reporting by Paul Sandle