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.