ARM Holdings plc
ARM: Q1 2006 results
Although ARM’s revenue growth looks fairly good at 17%, this is partly because of favourable movement’s in exchange rates and in dollar terms growth was just 9%.
Margins strengthened at all levels as a result of a shift towards royalty revenues. The downside of this is that as license revenues are a leading indicator or royalty […]
ARM: full year results
ARM’s full year revenues were up 14%, very slightly worse than the company’s expectation at the time of the third quarter results. There was no further slowdown in the fourth quarter; something we feared looked quite possible after the weak third quarter.
Although ARM claims that some sales have been made as a result of owning […]
ARM Q3 results
ARM’s revenue growth continues to slow. The company now expects full year revenue growth of 15%, at the bottom end of its previous 15% to 20% range. Even this looks a little optimistic given year to date growth of 16%, and the third quarter that was well below this.
This performance confirms our fears that ARM’s […]
ARM Q2 results
ARM continued strong growth with second quarter revenue growth of 21% only slightly lower than in the first quarter. Growth at PIPD, the former Artisan business which ARM acquired, has fallen further to a mere (by ARM’s standards) 7%, further reinforcing our concerns about the price ARM paid for Artisan. ARM has also announced a […]
ARM Q1 results
ARM continued last year’s strong growth in both the original ARM business and the Artisan acquisition, with total pro-forma revenues up 23% in dollar terms. It is interesting that the original ARM business is growing much faster (27%) than PIPD, the former Artisan (12%). Operating margins in the original business have strengthened quite substantially to […]
ARM Holdings
Embedded microprocessor designer ARM performed well in 2004 with revenues up 19% and EPS more than doubling. Its performance has been overshadowed by the expensive takeover of Artisan. What most concerns us about the takeover is not the premium that ARM has paid but the lack of apparent synergies which suggests a shift in focus […]
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