Japan’s SoftBank Group trims investment losses but remains in red for fiscal year
Associated PressTOKYO — SoftBank Group trimmed its losses for the fiscal year through March to about a quarter of the red ink it racked up a year earlier, as its investment losses declined, the Japanese technology company said Monday. By quarter, SoftBank Group, which invests in artificial intelligence, robotics, autonomous driving and other technology, recorded its second straight quarterly profit, at 231 billion yen for January-March, a turnaround from a 57.6 billion yen loss a year earlier. Investment losses for the fiscal year included Alibaba, a Chinese technology company with e-commerce, cloud computing and digital media operations, which offset gains from its holdings in T- Mobile. When a reporter asked why Son wasn’t present, Chief Financial Officer Yoshimitsu Goto said Son was busy focusing on new efforts in what the company is calling “the AI age.” Overall, from their inception, the SoftBank Vision Fund 1 has logged a gain of $16.7 billion, while SVF2 has lost $19.3 billion.
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