Arm posts record revenue despite Japanese owner SoftBank posting huge losses after tech stock massacre
Arm posted record earnings despite Japanese owner SoftBank posting a massive loss following a tech stock massacre.
The Cambridge-based computer chipmaker, which designs the processors that power virtually every smartphone in the world and counts Apple, Qualcomm and Samsung Electronics among its customers, reported record sales of £594 million for the three months to the end of June, up 6 percent on annual basis.
The number was boosted by royalties – payments companies make to use the company’s technology and designs – which rose 22 percent to £374 million, the first time the total has surpassed £330 million.
Record revenues: The chipmaker reported record sales of £594 million for the three months to the end of June, up 6 percent year-on-year
Arm’s revenues, meanwhile, were up 31 percent to £342 million. SoftBank, on the other hand, posted a record loss of £19.4 billion in the three months to June, compared to a profit of £4.7 billion in the same period a year ago.
The loss came as SoftBank’s Vision Fund, the largest technology-focused fund in the world, was plagued as soaring inflation and interest rates ravaged global technology stocks.