Arm Holdings Stock Is Ripping Higher: What’s Going On?

Shares of chip design firm Arm Holdings Plc (NASDAQ:ARM) are soaring Thursday after the company blew away earnings expectations for the third quarter and issued a bullish outlook for fiscal year 2024. Multiple analysts also raised price targets following the print.

What Happened: Arm Holdings said third-quarter revenue increased 14% year-over-year to $824 million, which beat analyst estimates of $761.62 million, according to Benzinga Pro. The company reported adjusted earnings of 29 cents per share, which beat estimates of 25 cents per share.

“Arm delivered another quarter of record revenues driven by continued adoption of the world’s most pervasive compute platform,” said Rene Haas, CEO of Arm Holdings.

“More …

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