- Arm beat on earnings and revenue but issued a disappointing forecast in its quarterly report on Wednesday.
- The chip designer said revenue this quarter will be between $1 billion and $1.1 billion.
shares dropped more than 8% in extended trading on Wednesday after the chip-design company issued weaker-than-expected guidance for the current quarter.
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WATCH HEREHere's how the company did in the fiscal fourth quarter compared with LSEG consensus:
- Earnings per share: 55 cents, adjusted vs. 52 cents expected
- Revenue: $1.24 billion vs. $1.23 billion
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SIGN UP While Arm topped estimates for the quarter ended March 31, Wall Street is looking ahead to the company's forecast for the first quarter.
Arm said revenue will be between $1 billion and $1.1 billion. The middle of the range is below the $1.1 billion average analysts estimated, according to LSEG. Earnings per share will be between 30 cents and 38 cents, while analysts were expecting 42 cents.
SoftBank controls about 90% of Arm, and in 2023. It now has a market cap of over $130 billion as of Wednesday's close.
Money Report
Arm designs the fundamental architecture upon which many chips are built,  for its designs to companies such as  and , charging royalty fees on each sale they make. The company  99% of premium smartphones are powered by Arm technology.
Royalty revenue in the quarter rose 18% from a year earlier to $607 million.
Net income fell 6% to $210 million, or 20 cents a share, from $224 million, or 21 cents, in the year-ago quarter. Revenue jumped 34% from $928 million a year earlier.
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