Shares in Arm dropped by about 8 per cent after the UK chip designer issued lacklustre projections for revenue this year, raising concerns that spending by tech companies on artificial intelligence hardware could slow down.
The SoftBank-backed group, which has been one of the biggest beneficiaries of an AI spending boom since it listed on Nasdaq in September, forecast revenues of between $3.8bn and $4.1bn for the year to March 2025. Analysts had expected revenues of $4.01bn.
The share price fall in after-hours trading came despite Arm reporting a 47 per cent surge in fourth-quarter revenue to $928mn on Wednesday, which pushed annual turnover to more than $3bn for the first time and exceeded its own guidance of between $850mn and $900mn.
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