A dip in smartphone sales hit a company primed to become the largest IPO in two years.
Arm Holdings designs microchips and other advanced computing tech.
It’s reporting a one-percent annual revenue drop with sales falling to $2.6 billion in the 12 months ending in late March.
Over half of its total revenue, last year came from smartphones and consumer electronics.
The sales drop follows slumped demand for the devices this year with data showing the market is set to dive to a decade low this year.