ARM Holdings surged almost six per cent yesterday, riding on the coat tails of Apple’s bumper results on Tuesday night.
The UK chip designer creates chips for Apple’s blockbuster iPad and iPhone products. It is expected to feature a powerful new chip in the upcoming iPhone 5.
Imagination Technologies, which also designs chips for Cupertino-based Apple, saw its shares jump 9.2 per cent. The market-beating results led Numis to upgrade Imagination stock, with the broker saying it estimates that Apple represents around 40 per cent of the FTSE 250’s technology business revenues, meaning its royalty volume estimates must rise to reflect higher Apple volumes.
Apple sold 20m iPhones in the last quarter along with 9.25m iPads and 3.95m Mac computers. It said third-quarter revenue rose to $28.57bn (£17.7bn), trouncing the average analyst estimate of $24.99bn.