Processor IP licensing firm ARM managed to boost its fiscal first quarter revenues by almost 10% year-on-year despite a slowdown in its core market, smartphone chip designers. The Softbank-owned company reported revenue up 9.7% to $418m for the quarter ended June 30, despite its royalty revenues falling by 8% because of the stagnant smartphone sector. Its growth showed the success of its efforts, in recent years, to anticipate the end of the smartphone boom by diversifying its target markets and its business model. And now it is introducing a new way to access its technology with a novel flexible licensing scheme While royalties for use of its IP remain its biggest source of revenue – $240m out of a total…