ARM chief dismisses talk of smartphone saturation
Chip designer ARM Holdings' chief executive Simon Segars told CNBC the company was perfectly placed to deal with concerns that high-end smartphones sales were reaching a saturation point.
The U.K. company -- which designs semiconductors that are then built under license for device makers such as Apple -- beat expectations Tuesday with a third-quarter pretax profit that hit 92.6 million pounds ($149.6 million). This marked a rise of 36 percent from a year ago and was higher than analysts' forecast of 88.9 million pounds.
Shares in the company have rallied by 30 percent so far this year but when asked about recent data showing that smartphone uptake in developed markets may be about to fade, Segars wasn't concerned.
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"Even in a low-end smartphone, there's an opportunity for many components that bear royalty to ARM," he told CNBC. "We see generally that growth of low-end and entry level phones, not just in developed countries but developing countries as a huge positive trend for ARM and its partners."
— CNBC.com's Matt Clinch. Follow him on Twitter @mattclinch81