Everyone's favourite Brit chip designer, Arm Holdings, has been hit by disappointing results from Apple, with shares sliding 2.3 per cent to 991.5p in early trading.
The Silicon Valley giant is one of Arm's biggest customers, which makes its money by licencing designs for microchips to the likes of Apple and many of its rivals.
Last night Apple unveiled the largest quarterly profit in corporate history – but also warned that revenues will decline, after growth in iPhone sales fell to its slowest ever.
Read more: Have we just reached peak Apple?
Arm's shares are historically sensitive to results from Apple – particularly sales of iPhones. In October, shares in the company rose after Apple unveiled a 22 per cent rise in revenues.
The company has a secret weapon, though: in February last year it bought Offspark, a Dutch startup specialising in software for the Internet of Things, signalling a move towards internet-connected devices such as fridges, televisions and thermostats.
In October Arm said it was entering the final quarter of the year "with strong royalty momentum". So it's not all bad.
[stockChart code="ARM" date="2016-01-27 09:41"]