ARM continued to outperform the broader industry in 1Q 09, in which total revenues denominated in US dollars fell 10% y-o-y in comparison to the broader industry decline of 30%. Favorable currency impact resulted in total revenues increasing 17.7% y-o-y in 1Q 09. Although the current economic downturn is expected to impact ARM’s top-line during FY 2009, the impact will be cushioned by the widespread use of the company's product line, which is incorporated…

ARM is one of the few companies to have achieved solid earnings growth in 4Q 08 primarily due to robust Royalty revenues (Royalty revenues, which contributed 52% to total revenues in 4Q 08, are reported one quarter in arrears by the company). Although at the onset of FY 2009 the semiconductor industry is reeling under uncertainty due to collapse in demand, we are confident that ARM will outperform the overall semiconductor industry due to strength from its Royalty segment....

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ARM Holdings PLC’s (ARM) 3Q 08 results outperformed our expectations, and the forecast for 4Q 08 leads us to expect an 8.7% y-o-y growth in FY 2008 total revenues, fuelled by strong Royalty growth. However, in view of the tough macroeconomic outlook and declining consumer demand, we have significantly reduced our FY 2009 estimates, expecting revenues to remain almost flat y-o-y. Going forward, ARM is expected to report margin expansion…