Arm Holdings Plc (ARM  ) shares are trading lower after the company released its second-quarter financial reports after the market close on Wednesday. The company reported its financials for the first time since its IPO in September.

The Details:

Arm Holdings reported quarterly earnings of 36 cents, up from 17 cents per share year-over-year. The street consensus was 26 cents. It clocked revenue of $806 million, up from $630 million in the same quarter last year. The consensus was $745 million.

Arm Holdings issued guidance for the third quarter, expecting adjusted EPS of 21 to 28 cents per share and revenue between $720 million and $800 million.

The company sees full-year 2024 adjusted earnings of $1 to $1.10 per share and revenue of $2.96 billion to $3.08 billion.

In a letter to shareholders, Arm CEO Rene Haas stated, "Following our successful IPO, Arm is off to an outstanding start as a public company with record revenue fueled by the success of our diversified business."

"Licensing revenue was up over 100% year-over-year as the demand for AI has kicked off increased investment across all end markets. Our royalty revenue benefited from market share gains in automotive and cloud compute as our latest technologies, such as Armv9, increased penetration across all markets where AI is driving the need for our unique combination of performance and power efficiency."

ARM Price Action: According to Benzinga Pro, shares are down over 7.52% at $52.31 at the time of publication.