SoftBank has reported a net loss of ¥789 billion for the quarter ending in September 2023. This represents a larger loss compared to the previous quarter’s loss of ¥316 billion. However, in the same quarter last year, SoftBank had a profit from the sale of Alibaba shares.
The Vision Funds, specifically, incurred a loss of ¥259 billion, largely due to the declining returns on investments in the technology sector over the past period. Additionally, SoftBank had to record a loss of ¥234 billion from WeWork, which recently filed for bankruptcy.
Despite these setbacks, SoftBank successfully brought one of its major companies, Arm, to the stock market in September. This marks a significant achievement for the company.
SoftBank is also updating its investment portfolio in line with its AI-focused strategies. Stack AV, which applies AI technology to trucking operations, Balyo, a developer of automated forklift systems in warehouses, and Mapbox, a developer of AI-powered mapping systems, are some of the interesting companies in SoftBank’s investment portfolio. These companies have multiple clients in the automotive industry.
TLDR: SoftBank reported a net loss of ¥789 billion for the September 2023 quarter, higher than the previous quarter’s loss. The Vision Funds and the WeWork debacle contributed to this loss. However, SoftBank successfully listed Arm on the stock market. The company is also investing in AI-focused companies such as Stack AV, Balyo, and Mapbox.
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