Friday, 24 March, 2023

SoftBank reports 97% drop in quarterly profit as Arm deal collapses

<p>Hours after it was revealed that its $40B plan to sell Arm would not go through, SoftBank reported a 97% decline in quarterly profit. SoftBank said it has dropped the sale of chip designer Arm to U.S. firm Nvidia due to regulatory hurdles. The company had a net profit of 29B yen ($251M) in the October-December quarter, down from a record 1.17T yen a year earlier when its tech portfolio rallied. SoftBank, picking up the pieces, stated that it plans to take Arm public in 2023.<br /> &nbsp;</p>