据报导,在2024年11月6日盘后,芯片设计公司ARM控股公布了2025财年第二季度财报。虽然营收和调整后每股收益(EPS)均超出分析师预期,但市场对该公司的估值过高和下一季度营收指引不佳等表示担忧,ARM股价应声大跌5.04%。
ARM公司第二季度营收达到8.44亿美元,高于分析师预期的8.109亿美元;调整后EPS为0.30美元,也超过预期的0.26美元。但令投资者失望的是,ARM预计第三季度营收将在9.2亿至9.7亿美元区间,中位数低于分析师预期的9.509亿美元。
分析人士普遍认为,ARM股价目前的高估值已难以通过未来几年的业绩增长来证明合理性。数据显示,ARM股价的预期市盈率已超过76倍,在纳斯达克100指数中仅次于两只个股。而根据华尔街汇总的数据,2025年和2026年ARM营收增速预计分别为23%和24%,利润增速将在本年度后逐步放缓。
与此同时,ARM正与长期合作伙伴高通公司发生知识产权纠纷,引发了市场对其未来业务前景的疑虑。不过,人工智能产业的快速发展,也给ARM这类芯片设计公司带来了新的增长机遇。有分析师表示,只是ARM能否赶上估值增长的节奏,还需时间观察和验证。
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