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

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

SoftBank Group Corp’s Arm Ltd is expected to report a 1% decline in revenue for the year ended March, according to an anonymous source. The decline in sales is attributed to a slump in global smartphone shipments. Sales for the quarter ended June 30 also fell by 2.5%. In May, SoftBank reported a 5.7% growth in Arm’s revenue for the year under International Financial Reporting Standards. Arm will disclose its latest financials next week under U.S. accounting standards. Arm, which is preparing for an IPO on the Nasdaq, declined to comment. The outlook for chip demand remains gloomy, as major markets such as smartphones, PCs, and data centers have shrunk this year due to reduced spending amid a weak global economy. SoftBank recently acquired the remaining 25% stake in Arm from its Vision Fund unit, valuing the chip designer at $64 billion. SoftBank aims to list Arm at a valuation of $60 billion to $70 billion in the IPO. Goldman Sachs, JPMorgan Chase, Barclays, and Mizuho Financial Group are leading Arm’s IPO preparations. The details of Arm’s financials were first reported by Bloomberg News.

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