SoftBank-owned Arm reveals revenue fall ahead of blockbuster US IPO

FILE PHOTO-The Arm Ltd logo and a U.S. flag are seen in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

(Reuters) -SoftBank-owned chip designer Arm on Monday disclosed a modest 1% fall in annual revenue as it made public the paperwork for a U.S. listing that is expected to be the year's biggest initial public offering.

Arm's sales declined to $2.68 billion in the year ended March 31, hurt by a slump in global smartphone shipments. Sales for the quarter ended June 30 fell 2.5% to $675 million.