Chip technology firm Arm China suffered a 90% drop in profit last year despite revenue rising more than 30% during the first year management appointed by SoftBank Group Corp took over, according to a financial document reviewed by Reuters.
One of the sources said the drop in Arm China's profit would not have a financial impact on Arm Ltd, whose royalty and licensing fee payments come before profit is calculated. In 2021, the China business paid Arm about $500 million, the two sources said. It is not clear how much Arm Ltd made from China last year.
“The Arm Ltd IP business part of Arm China is performing very well and we are positioned for continued growth going forward. The new management team has quickly restored confidence with our China ecosystem, and we are pleased to have the previous management issues well behind us as we expand Arm technology into the China market,” said Phil Hughes, Arm's vice president of external communications, in a prepared statement.Arm China's net profit plunged to $3.2 million last year from $79.
According to the statement's footnote there is a $37 million loss in foreign exchange in 2022, compared with a gain of $9 million the previous year.Arm Ltd has been considered one of the better performing assets at SoftBank, where its startup investment Vision Fund has had four straight quarters of losses. The bulk of the loss at the fund in the
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