ARM Holdings (NASDAQ:ARMH) reports a strong third quarter as growing popularity of smart phones and portable devices increased the demand for its chips. Quarterly revenue was up 20% on a year on year basis to £144.6 million from £120.2 million and beat expectations of £140 million. Profit before tax and once off items climbed 22% to £68.1 million and was better than expectations of £67.4 million. The company shipped 2.2 billion chips during the quarter, equally split between the mobile and non-mobile segments. Royalties from processors was higher by 27% based on the year ago period. It signed 29 new processor licenses across a wide range of applications.
General Electric (NYSE:GE) made its first bond offering in almost five years, as it issued debt of almost $7 billion this month in an effort to insulate itself from likely market upheavals and the consequent funding problems in the event Congress is unable to avert the “fiscal cliff”. Out of the $7 billion, $5 billion was used for refinancing bonds maturing in February.
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Amazon’s (NASDAQ:AMZN) reveals that its $199 Kindle Fire HD tablet has outsold all other products on its website since its launch on September 6. Significantly, the announcement has come in advance of the likely launch of the iPad mini by Apple (NASDAQ:AAPL) today.
A proposed class-action suit has been filed against Wal-Mart (NYSE:WMT) and two staffing agencies in a Chicago federal court alleging they forced temporary employees to come early for work, stay later and work through lunch hours. Additionally, it is alleged that Walmart failed to pay temporary workers a minimum of four hours pay on those days that the worker was asked to work but could not be utilized for those minimum four hours.