Chip designer Arm slips after disappointing Taiwan Semiconductor results

Taiwan Semiconductor Manufacturing Company revenues slip. Photograph: RICHARD CHUNG/REUTERS

With markets moving higher on hopes of a Greek deal after months of arguments, there are few fallers in the leading index.

But chip designer Arm has edged won 4p at £10.41 after disappointing results from Taiwan Semiconductor Manufacturing Company, the world’s largest independent semiconductor foundry. TSMC’s revenues for June fell 14.5% compared to May and were 0.6% lower than June 2014. In a sell note on Arm, Liberum said:

TSMC, the largest global foundry, missed second quarter revenue estimates. Most chips relying on Arm’s technology are made at TSMC - very close correlation between TSMC and Arm.