Shares of SoftBank-owned UK chip designer Arm were down about 8 per cent after the company offered a modest outlook for the current quarter.

The company, which went public on Nasdaq in September last year, did not revise its full-year guidance. The midpoint of its current quarter revenue guidance was $805bn, in line with expectations.

Arm booked revenue of $939m last quarter, up 39 per cent year-on-year and above the high end of the company’s prior guidance.

Chief executive Rene Haas told shareholders that increasing chip design complexity is driving royalty growth for the company, which provides the architecture behind chips made by Nvidia, Qualcomm and Apple.