ARM Holdings, the British chip designer whose technology powers smartphones, reported a 17 percent rise in fourth-quarter profit as its latest processor designs continued to win market share.

The company’s processor royalty revenues, paid on each chip shipped in devices like the iPhone, rose 24 percent in the quarter year-on-year, in contrast to a 3 percent drop in relevant industry revenue.

Chief Executive Simon Segars said that during the year its latest chip architecture surpassed a 50 percent share of smartphone shipments.

The company reported pretax profit of 138.7 million pounds on revenue, measured in dollars, up 14 percent to $407.9 million, both slightly ahead of market consensus.

(Reporting by Paul Sandle; editing by Kate Holton)

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