Arm China trimmed its workforce by more than 100 people after booking a decline in profit in 2022, South China Morning Post (SCMP) reported.

The cuts were made in the high-performance computing and system-on-a-chip design groups. The company had 700 staff before the layoffs, the newspaper wrote.

SCMP added the cuts were made last week: it previously reported between 90 and 95 staff had been let go.

In a related report, Reuters stated Arm China’s net profit dropped 96 per cent to $3.2 million in 2022, despite revenue increasing 33.8 per cent to about $890 million, Reuters stated.

The news agency noted Arm China did not follow a round of job cuts by Arm in 2022.

Arm China is the exclusive distribution channel for the chip design company to licence its IP to companies in the nation, and also develops and sells its own Arm-based chips.

The company was set up in 2018 as a joint venture by SoftBank Group-owned Arm, which owns a minority stake.

In May 2022, Arm China removed chairman and CEO Allen Wu following a two-year dispute, and regained control after appointing two local executives to lead the joint venture

SoftBank revealed plans to take Arm public by end-March 2023, but the move was delayed due to economic uncertainly and a downturn in global stock markets.