$ARM · Schwab Network · 2026-11-05
ARM 第二季度营收和每股收益超预期，但专利授权收入不及预期，第三季度指引符合预期；公司将 2027 财年和 2028 财年的自研芯片积压订单目标从约 10 亿美元上调至 20 亿美元。该业务波动较大，芯片价格放缓可能冲击股价，其数据中心芯片堆栈的转型长期能否成功尚不确定。
逐段跳播
好，我们来谈谈ARM Holdings。这是另一只某种程度上属于AI故事的股票。该股今早承压。请给我们讲讲你的一些看法。
All right, let's talk ARM holdings. This is another one that's uh kind of a part of the AI story. Those shares under pressure this morning. Uh walk us through some of your takeaways here.
是的，ARM在发布财报时总是波动很大。所以在看数字之前，我们得先说这一点：第二季度营收实际上超出了市场预期，为14.4亿美元，市场预期为13.8亿美元；调整后每股收益为52美分，市场预期为47美分。
所以营收和利润双双超预期。但看他们的特许权使用费收入，这一项低于市场预期，为6.7亿美元，同比增长8%，但市场预期为7.208亿美元。不幸的是，这将是那些销售芯片、或销售内含其芯片或其设计的产品的业务的需求线。
再看他们对第三财季的指引，基本符合市场预期，营收为15.4亿美元，市场预期为15.3亿美元。他们在3月份曾宣布将尝试自研芯片，而且他们实际上正在上调这方面的指引。起初他们说AGI CPU订单积压约为10亿美元，现在他们预计在2027财年到2028财年之间将达到20亿美元。
所以这是一项波动很大的业务。由于芯片价格，我们确实看到增长放缓，这可能会打击该股，但这是一家一直在努力转型、希望在完整芯片栈上获得更多敞口的公司，尤其是在数据中心方面。我们拭目以待这在长期内能否实现，但今天交易早段我们确实看到了一些疲软。
Yeah, this is a you know ARM is always volatile when it comes to its earnings announcements. And so I think we have to say that at the onset here before we go through the numbers, the revenue actually did beat the street's expectations for Q2.
Coming in at $1.44 billion, Street was looking for 1.38 billion and the adjusted earnings per share came in at 52 cents. Street was looking for 47 cents. So beat both on the top and bottom line.
But when you're looking at their loyalty of royalty revenue, that did come up lighter than the street's expectations coming in at 670 million. That's up 8% on a year-over-year basis.
But the street was looking for 720.8. 8 million. And unfortunately, that's going to be your demand line when it comes to the businesses that are selling their chips or selling products that have their chips within it or their designs within it.
Now, when you're looking at their fiscal year guide for Q3 came in for the most part in line with the streets expectations, revenue at $ 1.54 billion. She was looking for 1.53 billion.
Now, they did announce back in March that they're going to be trying to build out their own chips in house here. Uh, and they are actually rerating their guidance for that. At their first they were saying around $1 billion in the AGI CPU order uh backlog.
Now they're expecting $2 billion uh between fiscal year 2027 and fiscal year 2028 here. So a very volatile business. We do see a slowing because of chip prices unfortunately that could hit the stock but this is a company that has been trying to transition itself and get a little bit more exposure when it comes to the full complete uh chip stack if you will especially when you're looking at the data center front.
We'll see if that's going to pan out over the long term, but we are seeing some weakness early on in today's trading.
这个频道对 $ARM 的历次判断
Schwab Network 在这只股票上共 2 条判断，这里只列相邻的几条。