ARM Holdings, the UK chip designer behind the technology powering Apple's iOS devices has reported a 23 per cent boost to its second-quarter profits.
The company beat analyst forecasts by announcing pre-tax profits of £66.5m on sales of £135m for the three month period prior to the end of June, whilst sales rose from £117.8m to £135m.
Over two billion chips based on its designs were sold during the period - a nine per cent increase from the previous year.
Increased demand for Apple and Samsung smartphones have driven the company's sales, who have shown little effect from the predicted slowdown in electronic chip sales and increased profits.
Speaking of the news, ARM's chief executive Warren East said: "ARM's royalty revenues continued to outperform the overall semiconductor industry as our customers gained market share within existing markets and launched products which are taking ARM technology into new markets,"
Following the news, shares in the chip vendor rose by almost six per cent.
ARM has dominated the market with its low energy chip design, which is widely used within the latest smartphone and tablet PC devices.
However, it is starting to face strict competition from US rival Intel, who announced its own mobile chip designs at the beginning of the year.
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