Japanese tech investor SoftBank Group Corp. announced a reduced loss for the last quarter in comparison to the previous year. The Tokyo-based company reported losses of 174 billion yen ($1.2 billion) for the April-June quarter, a significant improvement from the nearly 478 billion yen loss in the same period last year. Quarterly sales also saw a 9% increase at SoftBank, known for its investments in companies like WeWork, Alibaba, and T-Mobile.
SoftBank revealed that its investment operations saw a substantial improvement compared to the previous year, resulting in a gain of almost 560 billion yen ($3.8 billion). Following WeWork’s emergence from Chapter 11 bankruptcy in June, positive sales growth was noted in Arm, an AI and processor company, while investment gains were seen in Alibaba and T-Mobile holdings.
SoftBank Vision Funds recorded an investment gain of 32 billion yen ($218 million) as the value of share holdings rose. However, the devaluation of the yen, which benefits Japanese exporters like Toyota, negatively impacted SoftBank, contributing to an additional 443.9 billion yen ($3 billion) loss for the latest quarter due to the U.S. dollar trading at 150-yen levels during that period.
