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, reports Reuters. The company, set up in 2018 as a joint venture of British chip technology firm Arm Ltd, laid off nearly 100 employees last week, most of them engineers, Reuters reported exclusively on Friday.
Arm technology powers most global smartphones and the company counts Apple Inc and Qualcomm Inc as customers.
SoftBank had said early last year it was aiming to take Arm Ltd public by the end of March; last week Arm’s CEO told Reuters the firm was committed to a listing this year.
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