SoftBank Group books another record loss - Mobile World Live

SoftBank Group books another record loss

08 AUG 2022

SoftBank Group recorded another quarter of dismal results, with a huge loss in its Vision Fund pushing the company’s net loss to JPY3.2 trillion ($23.7 billion) in the three months to end-June.

With the tech sector taking a beating in markets in SoftBank’s fiscal Q1 2022, its Vision Fund lost JPY2.3 trillion compared with a JPY451.9 billion gain in fiscal Q1 2021.

Companies in its portfolio taking a hammering included e-commerce outfit Coupang; AI company SenseTime; food delivery business DoorDash; and office space provider WeWork, with a combined loss of more than JPY750 billion.

SoftBank stated it posted a JPY296 billion loss on the value of Vision Fund’s private investments.

The decline in income comes after posting a profit of JPY761.5 billion in fiscal Q1 2021 and a JPY2.2 trillion loss in fiscal Q4 2021.

Net sales in the recent period were flat at JPY1.4 trillion.

Revenue from UK-headquartered Arm increased 24.9 per cent to JPY92.8 billion, as technology royalty income rose 22 per cent to $453 million.

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Joseph Waring

Joseph Waring joins Mobile World Live as the Asia editor for its new Asia channel. Before joining the GSMA, Joseph was group editor for Telecom Asia for more than ten years. In addition to writing features, news and blogs, he...

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