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What: Shares of British chip designer ARM Holdings (NASDAQ:ARMH) have skyrocketed by as much as 11% today after the company reported solid first-quarter earnings.

So what: Revenue in the first quarter totaled $263.9 million, easily topping the Street forecast of $251.1 million. Adjusted earnings per share came in at $0.24, again ahead of the consensus estimate of $0.21. The company said it inked 22 processor licenses in the first quarter across numerous end markets.

Now what: Royalty-bearing chip shipments grew 35% to 2.6 billion units, which was driven largely by mobile and embedded chips. CEO Warren East, who announced last month that he would retire this summer, said that ARM saw record royalty revenue this quarter and there has been strong uptake of its next-generation processors. ARM's guidance for the second quarter calls for revenue to be in-line with the "market expectations."

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