P/E ratios are based on trailing annual not trailing quarterly results. ARMH's P/E ratio is roughly a quarter of the figure you used but it is still too high. This quarter's results which is really 2012Q4 results will prove to be ARM's highmark as increased material volume competition starts from here in ARM's traditional markets.
P/E is Price/Earnings. You are free to define whatever basis for E you wish. TTM is probably a better average over annual business cycles. And, as ARMH starts to ship it's 16nm in volume this quarter perhaps it is INTC who must duck.