Ex-ARM chief: I regret Japan sale

PRoFITS at iPhone microchip designer ARM Holdings plunged for second quarter in a row after its former chairman admitted he regretted selling the business to the Japanese.

The firm reported earnings of £73m in the third quarter of the year, down from £90m a year ago as it felt the costs of a hiring spree.

earnings halved in the previous quarter from £165m to £82m.

ARM, which designs the microchips used in most smartphones and tablets, was bought last year for £24bn by Japan’s SoftBank, which insisted it was investing for the long term.

But former chairman Stuart Chambers said he wished he hadn’t agreed to the deal.

Chambers, who left after the takeover, blamed it on the demands of shareholders for short-term returns, adding: ‘I do regret having to sell ARM. It had been hugely successful for 25 years and we very much thought there was the possibility of another 24.’

However, he admitted that the 41pc share price premium was too good to resist.