Despite beating revenue forecasts, Qualcomm shares were down more than 4.5 per cent in after-hours trading, while Arm shares were about 6 per cent lower. Shares in both groups have rallied over the past year, setting a high bar for their quarterly earnings reports.

Qualcomm reported record quarterly sales and healthy profits as rising sales of phone and automotive chips lifted its results. Qualcomm, one of the largest suppliers of communications and number-crunching chips that go into phones,