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SoftBank’s chip tech firm Arm posts record 2021 revenue

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© Reuters. FILE PHOTO: Chip technology firm Arm Ltd’s chief executive officer Rene Haas poses in this handout picture taken in San Jose, California, U.S., March, 2022. Picture taken March, 2022. Arm/Handout via REUTERS

By Jane Lanhee Lee

SAN FRANCISCO (Reuters) – SoftBank Group Corp’s chip technology firm Arm Ltd on Thursday reported record revenue for 2021, and Chief Executive Rene Haas told Reuters its business for new chip designs indicates a strong outlook.

SoftBank plans to take the British tech company public. Regulatory hurdles stopped a deal to sell it to U.S. chip maker Nvidia (NASDAQ:NVDA) Corp.

Arm, which makes the basic blueprint used to design chips, had revenue of $2.7 billion last year, up 35% from the previous year. Licensing business revenue rose 61% to $1.13 billion and royalties, tracking the numbers of chips sold using Arm technology, rose 20% to $1.54 billion.

Haas said the licensing business is “all about companies spending money with Arm about designing chips for the future”.

Asked about the revenue outlook, he said: “We’ve never done over a billion dollars. So I would say that’s a good leading indicator of the demand for the product.”

Haas said 29.2 billion chips using Arm technology were shipped last year, nearly 8 billion in the fourth quarter. He said Arm’s focus on the automotive sector three to four years ago was paying off and revenue from that segment more than doubled last year thanks to electrification and increasing computing power for cars.

“It probably would have been better if there was more supply,” said Haas about Arm’s automotive business.

Haas declined to talk about the potential value Arm could fetch on the stock market. In September, 2020 Nvidia had proposed to pay up to $40 billion for Arm. SoftBank bought it for $32 billion.

Haas also reiterated that Arm has resolved a public dispute at its Chinese joint venture, ousting former Chief Executive Allen Wu. He said the venture, Arm China, makes up about 20% of the company’s revenue.

“One thing I can say is we had great results in this last year and it wouldn’t have happened without the China JV doing well,” he said.

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Kim Kardashian Named Beyond Meat’s First Chief Taste Consultant, Shares Fail to Hold on to Gains

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© Reuters. Kim Kardashian Named Beyond Meat’s (BYND) First Chief Taste Consultant, Shares Fail to Hold on to Gains

Beyond Meat (NASDAQ:BYND), the maker of plant-based meat substitutes, announced it is launching a campaign with the beauty icon Kim Kardashian.

Kardashian will help the California-based company’s unique product portfolio attract more attention through advertising, signature recipes, and fresh creative content.

“I’ve been focusing on going more plant-based and can tell you that Beyond Meat is my absolute favorite – I love how all their products not only taste amazing but are also good for me and my family. Plus, my kids are obsessed with my Beyond Beef® taco recipe, the Beyond Burger® for BBQs, and Beyond Chicken® Tenders for a quick snack,” said Kim Kardashian.

Kardashian added she is honored to be involved in the new Beyond Meat campaigns as the company’s Chief Taste Consultant “to inspire people to include Beyond Meat in their diets.”

Furthermore, the celebrity will also share thoughts on her favorite Beyond Meat offerings through the newsletter which will contain exclusive offers, recipes, and more.

Even though Kardashian is very cautious when teaming up with brands, her decision to collaborate with Beyond Meat was not surprising as she has been a long-time fan of the company’s products and vision.

Apart from Kim, Beyond Meat collaborates with a number of beloved celebrities including Snoop Dogg, Liza Koshy, Kevin Hart, and Shay Mitchell, among others.

“I am really inspired by Beyond Meat’s mission and love that they are not only making plant-based eating delicious and accessible but are doing so in a way that benefits both people and the planet. It’s empowering to know that the small changes I’m making for my family, like incorporating more Beyond Meat into our meals, can add up to make a big impact,” Kardashian added.

Beyond Meat stock price initially rose 10% on the news before erasing all gains to trade over 5% in the red.

By Senad Karaahmetovic

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Ralph Lauren expects margins to grow as rich customers shrug off inflation

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© Reuters. FILE PHOTO: A man walks past Ralph Lauren Corp.’s flagship Polo store on Fifth Avenue in New York City, U.S., April 4, 2017. REUTERS/Brendan McDermid

By Praveen Paramasivam

(Reuters) -Ralph Lauren Corp forecast higher sales and improved margins for the year as demand for its luxury apparel in its biggest markets in North America and Europe stays strong at a time when inflation is denting profits at major U.S. retailers.

The spending power of higher-income customers has stayed unaffected by higher prices of essentials, and they are now splurging on fashion as they venture out more with the easing of COVID-19 restrictions across the globe.

“Consumers are starting to go out during the day, so there’s a need for sports coat, outerwear and dresses. And then they return to social activities in the evenings or on the weekend,” Chief Executive Officer Patrice Louvet said on an earnings call on Tuesday.

The 55-year-old brand also forecast revenue to increase in high single digits, versus Wall Street’s expectation of a 3.6% increase, according to Refinitiv IBES.

Ralph Lauren (NYSE:RL), which said it could raise prices further to counter increased freight and product costs, forecast fiscal 2023 gross margin to increase 30 to 50 basis points on a comparable, constant currency basis.

Major discount chains, meanwhile, have seen their profits dwindle. Walmart (NYSE:WMT) Inc, Target Corp (NYSE:TGT) and Kohl’s Corp (NYSE:KSS) have reduced their earnings expectations.

Shares of Ralph Lauren fell 2% amid broader declines, after the company also forecast gross margin to be down for the first half of fiscal 2023 due to higher expenses and a strong dollar.

The brand said its forecasts take into account a potentially softer consumer sentiment in Europe and the impact of Chinese lockdowns. Still, Ralph Lauren expects its business in China to grow this year.

For Ralph Lauren, which increased its quarterly dividend by 9%, fourth-quarter net revenue rose 18% to $1.52 billion, beating estimates of $1.46 billion. Adjusted per-share profit was 49 cents, above estimates of 36 cents.

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Snowflake Stock Plunges 7% Despite Rosenblatt Upgrade to Buy on Valuation and Growth

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© Reuters. Snowflake (SNOW) Stock Plunges 7% Despite Rosenblatt Upgrade to Buy on Valuation and Growth

By Senad Karaahmetovic

Shares of Snowflake Inc (NYSE:SNOW) are down more than 7% today on broader sector weakness despite the fact that Rosenblatt analyst Blair Abernethy upgraded it to Buy from Neutral.

A new price target is $255.00 per share, down from the prior $325.00. The upgrade call comes as the company prepares to report Q1 results on Wednesday after market close.

“Given the ongoing enterprise Digital Transformation momentum, strong Q1 growth reported by the leading Cloud Service Providers (CSPs), and Snowflake’s healthy +160% Net Revenue Retention (NRR) rate, we expect Snowflake to meet or marginally exceed our Q1 Product Revenue growth estimate of 81% y-o-y,” Abernethy said in an upgrade note.

The price target implies a near 100% upside from current levels.

As of 10:15 EST, Snowflake stock price trades at $128.89.

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