Arm Holdings Plc. disclosed on Wednesday that its third-quarter revenue for fiscal 2024 landed at $824 million, marking a 14% jump in comparison to the corresponding trimester a year before. The figure came in above analysts' expectations.

However, its GAAP operating profit dropped by 45% to $134 million in the third trimester. Net income was down by 52% to $87 million, with its diluted earnings per share clocking in at $0.08 in contrast to the $0.18 registered last year. The company projected that it will garner between $850 million to $900 million in the closing quarter of fiscal 2024.

"Arm delivered another quarter of record revenues driven by continued adoption of the world's most pervasive compute platform," Chief Executive Officer Rene Haas said. "The AI wave drove licensing growth as these new devices require Arm's performant and power-efficient compute platform," he added.

The company's stock skyrocketed by 24.81% in the extended trading after the earnings release.