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Home»Business»Arm’s full-year revenue fell 1% ahead of IPO – source
Business

Arm’s full-year revenue fell 1% ahead of IPO – source

August 19, 2023No Comments3 Mins Read
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Illustration shows Arm Ltd logo

The Arm Ltd logo and a rising stock graph are seen in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing Rights

Aug 18 (Reuters) – SoftBank Group Corp’s (9984.T) 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.

See also  Surging rents lift US consumer prices; underlying inflation grinding lower

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 (GS.N), JPMorgan Chase (JPM.N), Barclays Plc (BARC.L) and Mizuho Financial Group.

The details of Arm’s financials were first reported by Bloomberg News.

Reporting by Anirban Sen in New York and Manya Saini in Bengaluru; Editing by Shinjini Ganguli

: .

Acquire Licensing Rights, opens new tab

Anirban Sen is the Editor in Charge for U.S. M&A at Reuters in New York, where he leads the coverage of the biggest deals. After starting with Reuters in Bangalore in 2009, Anirban left in 2013 to work as a technology deals reporter in several leading business news outlets in India, including The Economic Times and Mint. Anirban rejoined Reuters in 2019 as Editor in Charge, Finance to lead a team of reporters, covering everything from investment banking to venture capital. Anirban holds a history degree from Jadavpur University and a post-graduate diploma in journalism from the Indian Institute of Journalism & New Media.
Contact:+1 (646) 705 9409

Manya Saini reports on prominent publicly listed U.S. financial firms including Wall Street’s biggest banks, card companies, asset managers and fintechs. Also covers late-stage venture capital funding, initial public offerings on U.S. exchanges alongside news and regulatory developments in the cryptocurrency industry. Her work usually appears in the finance, markets, business and future of money sections of the website.
Contact: 9958867986

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