Arm posts record £2.2bn sales as it prepares to list in New York
Computer chip designer Arm posts record £2.2bn revenue as it prepares to go public in New York
Record revenue: Arm had a turnover of £2.2 billion for the year to the end of March
British computer chip designer Arm posted record revenues as it prepares to list in New York after squeezing the UK market.
The Cambridge company had revenues of £2.2 billion for the year to the end of March – 5.7 per cent more than the previous year, according to figures from Japanese owner SoftBank. Earnings remained flat year-over-year.
SoftBank said sales were boosted by “strong growth in royalty income” as companies paid to license Arm’s designs for computer chips in electronics, including mobile phones.
The Japanese company is looking forward to a blockbuster debut for Arm on New York’s Nasdaq exchange, aiming to reach a valuation of around £48 billion.
Arm set his sights on the US listing despite months of intensive lobbying efforts by British officials, including Prime Minister Rishi Sunak, to convince SoftBank to go to London.
But the rapprochement failed to convince him. Arm’s record sales were a bright spot in a dismal run of results for SoftBank, whose flagship Vision Fund plummeted to a record £26bn loss.