FILE PHOTO: A smartphone with a displayed Arm Ltd logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration/File PhotoShares of Arm Holdings fell 8 per cent in premarket trading on Thursday as the chip designer's downbeat annual revenue forecast cooled some of the enthusiasm around the stock following its AI-powered jump in recent months.
"This is a typical case of ARM not being able to live up to heightened expectations," said CFRA Research analyst Angelo Zino, adding that Arm's business is overtly reliant on the smartphone market, which has recently shown slower growth. "AI demand will take some time to grow into the revenue mix to absorb that weakness ," said Tejas Dessai, a research analyst at Global X ETFs.
Its revenue in the March quarter and the forecast for the current quarter, however, came in above expectations.
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