UPDATE 1-Arm forecasts Q3 below Wall Street on deal delay, shares slip

Semiconductor company Arm Holdings on Wednesday gave a fiscal third quarter sales outlook below Wall Street estimates, with the company attributing the forecast to a large deal that will likely land later than expected. Arm's shares fell 4.6% to $51.90 in extended trading after the news. But the company, which sells designs and other intellectual property for creating computing chips that power most of the world's mobile phones, also forecast fiscal full-year sales that beat Wall Street expectations, powered by a wave of companies designing new chips amid a boom in artificial intelligence applications.