Investing
Arm’s full-year revenue fell 1% ahead of IPO – source
© Reuters. FILE PHOTO: The Arm Ltd logo and a rising stock graph are seen in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
By Anirban Sen and Manya Saini
(Reuters) – SoftBank Group Corp’s Arm Ltd is expected to report a revenue decline of about 1% in the year ended March, when the chip designer reveals its initial public offering (IPO) filing on Monday, according to a person familiar with the matter.
Arm’s sales fell to $2.68 billion in the 12 months ended March 31, hurt by a slump in global smartphone shipments, the source said, requesting anonymity. Sales for the quarter ended June 30 fell 2.5% to $675 million.
In May, SoftBank reported that revenue for the year at Arm had grown 5.7% under International Financial Reporting Standards. Arm will disclose its latest financials next week under the U.S. accounting standards, the source added.
Arm, which is preparing to list its shares on the Nasdaq as soon as next month, declined to comment.
Global chipmakers have recently signaled the beginning of the end of a semiconductor supply glut, but the outlook for demand from customers outside the artificial intelligence (AI) industry remains gloomy.
All the major markets for chips – smartphones, PCs and data centers – have shrunk this year, as both corporate customers and consumers scale back spending amid a weak global economy, high inflation and rising interest rates.
Earlier on Friday, Reuters reported that SoftBank had acquired the 25% stake in Arm it did not directly own from its Vision Fund unit in a deal that valued the chip designer at $64 billion.
Reuters had previously reported that SoftBank was aiming to list Arm at a valuation of $60 billion to $70 billion in the IPO.
Arm’s IPO preparations are being led by Goldman Sachs Group (NYSE:), JPMorgan Chase (NYSE:), Barclays (LON:) Plc and Mizuho Financial Group.
The details of Arm’s financials were first reported by Bloomberg News.
Read the full article here
-
Investing5 days ago
Hurricane Helene Hits Spruce Pine Mine, Quartz Used for Tech
-
Side Hustles6 days ago
5 Key Strategies for a Seamless Cloud Migration
-
Investing6 days ago
Israel stocks lower at close of trade; TA 35 down 0.23% By Investing.com
-
Side Hustles6 days ago
Why the Future of Cybersecurity Marketing Relies on Trust
-
Side Hustles5 days ago
VP Exec’s Top Tips for Negotiating and Relationship-Building
-
Passive Income6 days ago
Go Paperless with the PDF Reader Pro for $49.99
-
Side Hustles5 days ago
Why the Smallest Details Mean the Most in Marketing
-
Make Money4 days ago
The Top Employers and Opportunities for Part-Time Remote Jobs