SoftBank’s Arm China profit drops over 90% in 2022

OAKLAND/HONG KONG: 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.

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.