Arm Ltd., a chip designer that is preparing for what would be the biggest initial public offering of 2023, saw its revenue decline about 1% in the last fiscal year, according to a draft filing for its IPO reviewed by Bloomberg.
Companies often look to post rising revenue in the periods leading up to stock sales, but Arm’s sales fell to $2.68 billion in the 12 months ended on March 31, according to the filing, which is still subject to change. Japan’s SoftBank Group Corp., which owns Arm, plans an IPO of the company as soon as next month that could value the chip designer at as much as $70 billion.
Arm’s draft F-1 filing is based on US accounting rules as the company prepares to list on Nasdaq. In May, SoftBank said sales at the unit had grown 5.7% in the latest fiscal year under international standards. A representative for Arm declined to comment.
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