Arm Slides After Sticking With Tepid Annual Sales Forecast
- Company doesn’t boost outlook despite topping earnings views
- CEO says weakness in certain markets is offsetting sales gains
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Arm Holdings Plc shares tumbled on Thursday after the chip company held off on boosting its annual forecast, raising concerns that it’s not confident in future growth prospects.
Though Arm handily beat analysts’ estimates when it reported its quarterly results on Wednesday, Chief Executive Officer Rene Haas said the company is seeing weakness in certain markets. That led Arm to maintain its current outlook for the year.