Arm财报逊预期，或将转型完整芯片制造商，盘后大跌8.5%

Core Viewpoint - Arm reported first-quarter revenue of $1.05 billion, slightly below market expectations, and provided a neutral to weak guidance for the second quarter, indicating a potential shift towards becoming a more complete chip manufacturer, which may lead to competition with existing clients [1][4][10]. Financial Highlights - Revenue: Arm's first-quarter revenue was $1.05 billion, slightly lower than the analyst estimate of $1.06 billion [2]. - Net Profit: The net profit for the first quarter was $130 million, down from $223 million in the same period last year [3]. - Adjusted EPS: The adjusted earnings per share (EPS) for the first quarter was $0.35, in line with expectations [3]. - Guidance: For the second quarter, Arm expects revenue between $1.01 billion and $1.11 billion, aligning with the analyst forecast of $1.06 billion. The adjusted EPS is projected to be between $0.29 and $0.37, slightly below the average analyst estimate of $0.36 [3]. Strategic Shift - Transition to Chip Manufacturing: Arm is increasing investments in developing its own chips, marking a significant shift from its traditional business model of licensing chip designs to other companies [4][6]. - Competition with Clients: This new strategy may lead Arm to compete directly with its clients, who are also designing their own chips and chiplets [8][10]. - Chiplet Development: The company is considering the development of chiplets and complete solutions, indicating a move towards producing modular chip designs [7]. Market Context - Smartphone Demand: The guidance for the second quarter is slightly below expectations, potentially due to weak demand in the smartphone market, which is Arm's core market [10][11]. - Revenue Growth: First-quarter revenue increased from $939 million in the previous year, driven by a 25% increase in royalty income from chips based on Arm architecture used in data centers [11]. - Market Share: Arm holds a dominant position in the smartphone processor market, with a 99% market share [10]. Diversification Efforts - Data Center Market: Arm is attempting to diversify by entering the rapidly growing data center market, with clients like Amazon's cloud computing division beginning to utilize Arm's technology [12].