Arm Holdings (NASDAQ:ARM) laid off more than 70 software engineers in China, of which 15 will be reassigned to other China-related projects, Bloomberg reported, citing people with knowledge of the move. The company told Bloomberg that it was restructuring its China software engineering resources to focus on "direct support for local developers." Arm (ARM) shares fell 2.5% on Monday. Speaking on the company's November earnings call, Arm Chief Financial Officer Jason Child said revenue in China grew "in the low-single digits, but as a percentage of total, it fell from about 25% in the most recent period down to about…