SoftBank Posts $2.4 Billion Loss Amid Vision Fund Woes
TOKYO (AP) - Japanese tech giant SoftBank Group Corp. incurred a 369.2 billion yen ($2.4 billion) loss in fiscal Q3 due to setbacks in its Vision Fund investments. This contrasts with a 950 billion yen profit in the same period of 2023.
Quarterly revenue increased 3% year-over-year to 1.83 trillion yen ($11.9 billion), the Tokyo-based company reported Wednesday.
The news follows Masayoshi Son's recent appearance with President Trump, Sam Altman, and Larry Ellison to announce a potential $500 billion investment in the Stargate AI project. Son emphasizes SoftBank's commitment to AI development.
SoftBank invests in companies with perceived long-term potential, including unlisted startups, leading to significant fluctuations in its financial performance.
For the nine months ending December, it recorded a 636 billion yen ($4 billion) profit, reversing a previous year's loss of 459 billion. Gains were seen in Alibaba, Coupang, DiDi Global, and Grab Holdings, while sales improved in Arm, its British semiconductor subsidiary.
However, some earlier gains were offset in the latest quarter. SoftBank does not issue yearly forecasts.