Why ARM Holdings (ARMH) Stock Is Up Today

NEW YORK (TheStreet) -- ARM Holdings (ARMH) was gaining 5.8% to $45.05 Tuesday after announcing a big increase in profit in the second quarter.

ARM announced net income of £55.5 million ($94.8 million) for the second quarter, up from £10.5 million in the year-ago quarter. Revenue grew 17% from the year-ago quarter to £187.1 million, with earnings of 5 pence a share. Analysts surveyed by Thomson Reuters expected revenue of £182 million and earnings of 5 pence.

The company said it saw heavy growth from higher chip shipments and licensing revenue in the quarter.

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ARMH ChartARMH data by YCharts

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