SoftBank posts loss, with a cumulative loss of $6.3B in its Vision Fund business
As SoftBank prepares to dive deeper into AI investments, the group posted an unexpected consecutive quarterly overall loss, as well as a continued loss in its existing investment business. SoftBank’s Vision Fund 1 and 2 and its Latin American fund together posted a quarterly investment loss of 13 billion yen ($91 million). That is significantly less than the 2,919 billion yen loss a year ago ($20 billion) but cumulatively, the company said that investments across the three funds, as of June 30, are still totalling to a $6.3 billion loss. Overall, SoftBank Group posted a net loss of 477.6 billion yen ($3.3 billion) — a surprise, as investment analysts were widely expecting a return to profitability this quarter. “We are carefully and slowly moving back to investment activities,” CFO Yoshimitsu Goto said in the presentation today, adding that it would “keep focusing on the AI trend.” The company said that its total commitments across the Vision Funds 1 and 2 and its LatAm fund is $166.2 billion. It calculated its acquisition costs as $146.6 billion, …