ARM(ARM.O)FY2026Q1业绩点评:FY26Q2指引相对平淡 自主芯片设计挑战和机遇并存

光大证券
Aug 03, 2025

事件:FY26Q1 业绩符合指引,FY26Q2 指引平淡。1)FY26Q1:FY26Q1 营收10.53 亿美元,YoY+12%,QoQ-15%,符合此前公司10-11 亿美元指引区间,市场预期10.54 亿美元。授权收入4.68 亿美元,YoY-1%;版税收入5.85亿美元,YoY+25%,系Armv9 架构占比提升、Arm 芯片在数据中心的使用量增长、CSS 芯片放量。盈利方面,FY26Q1 ...

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