Arm CEO Rene Haas indicated the company plans to invest in its own chip development.
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Shares of Arm Holdings
plunged 12% on Thursday after the chip designer offered muted guidance for earnings.
Second-quarter adjusted earnings will be between 29 cents and 37 cents per share, Arm said late Wednesday. Wall Street had projected 35 cents per share.
The company forecast second-quarter revenue of $1.01 billion to $1.11 billion, which was in line with consensus estimates of $1.05 billion.
The company reported revenue that missed analyst expectations.
Arm unveiled its first in-house chip on Tuesday at an event in San Francisco, with Meta as the initial customer.
Shares of UK-based semiconductor designer Arm Holdings fell in aftermarket trading, despite the company posting record revenues…
Arm chief Rene Haas said he was "confident" the company would be able to secure additional supply of its new CPUs.
Shares of Arm Holdings jumped last month after the company unveiled its first new in-house chip.
Arm shares rose 13% in premarket trading following the company's announcement that it would jump into the CPU fray.
