(Bloomberg) -- Arm Ltd., a chip designer that is preparing for what would be the biggest initial public offering of 2023, saw its revenue decline about 1% in the last fiscal year, according to a draft filing for its IPO reviewed by Bloomberg.

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Companies often look to post rising revenue in the periods leading up to stock sales, but Arm’s sales fell to $2.68 billion in the 12 months ended on March 31, according to the filing, which is still subject to change. Japan’s SoftBank Group Corp., which owns Arm, plans an IPO of the company as soon as next month that could value the chip designer at as much as $70 billion.

Arm’s draft F-1 filing is based on US accounting rules as the company prepares to list on Nasdaq. In May, SoftBank said sales at the unit had grown 5.7% in the latest fiscal year under international standards. A representative for Arm declined to comment.

US accounting rules and International Financial Reporting Standards have separate thresholds for when revenue can be recognized, among other differences.

The overall chip industry is still emerging from a sales slump triggered by a buildup of excess inventory, especially in the smartphone market — a central focus for Arm. Qualcomm Inc., one of Arm’s biggest partners, gave a disappointing forecast for the latest quarter earlier this month, sending its shares tumbling. And even Apple Inc.’s prized iPhone has seen demand slow.

Arm’s draft filing also shows that sales for the quarter ended June 30 fell 2.5% to $675 million under US standards. That’s a smaller drop than SoftBank reported earlier this month, when it said sales for the unit fell about 11% to $641 million under IFRS.