In Q3, ARM saw a continued high level of design activity with many new customers licensing ARM technology for the first time, driven by end market requirements for smarter, energy-efficient chips.

28 licenses signed, including 14 new customers, with companies choosing ARM technology for a broad range of end-markets

Dollar revenues up 22% year on year to a record $192.3m (consensus $ 187.6m)

Profit before tax up 44% year on year to £55.8m (consensus £ 51.1m)

1.9bn ARM-based chips shipped

Outlook: ARM enters Q4 with a healthy opportunity pipeline for licensing and an order backlog which remains at historically high levels. This combination points to another strong quarter for license revenue. Despite the below seasonal activity levels in the semiconductor industry, we expect ARM will continue to gain share, and that group dollar revenues for the full-year 2011 will be in line with current market expectations of around $763 million.