Soaring iPhone sales pushed the shares in a British microchip designer to their highest level in more than a year yesterday.
ARM Holdings benefited from a knockout quarterly earnings report from Apple on Tuesday, in which the Californian technology group announced the biggest quarterly profit in corporate history.
The Cambridge-based group designs the blueprints for the low-power microprocessors used in most of the world’s smartphones and tablet computers, including Apple’s iPhones and iPads.
ARM licences its blueprints to consumer electronics companies, such as Apple, for which it receives royalties in return. Because multiple ARM-designed chips often feature in the same smartphone or tablet, strong sales have a multiplying effect on the royalties that ARM receives.
Shares in ARM climbed to £10.75 before closing at £10.49,