SoftBank Group booked a narrower loss in its fiscal Q1 2024 (calendar Q2), impacted by a weaker yen and Vision Fund asset losses offsetting gains at chip design unit Arm.

The company’s net loss attributable to shareholders fell to JPY174.3 billion ($1.4 billion) from JPY477.6 billion in the comparable period of fiscal 2023.

It booked a JPY1.9 billion investment gain on its Vision Fund.

The Vision Fund segment, however, registered a loss of JPY204.3 billion compared with a JPY61 billion profit as the share price of many of the companies in the portfolio dropped. In addition to its investments, the segment covers administrative expenses, and gains and losses from third-party investors.

Total investment gains reached JPY559.7 billion, reversing a loss of JPY699 billion.

Net sales were up 144 per cent to JPY1.7 billion.

On an earnings video, SoftBank CFO Yoshimitsu Goto (pictured) highlighted its net asset value, its most important KPI, rose 27 per cent to a record JPY35.3 trillion.

He added low leverage and ample cash reserve “enables us to seize AI investment opportunities even amid recent market turbulence”.

Arm reported record revenue, benefitting from technology companies increasing investments in AI, SoftBank stated.

SoftBank presents Arm’s figures in US dollars as the unit’s revenue is “primarily” based on the currency.

Sales at the chip design unit rose 46.6 per cent to $939 million, with licence and other revenue up 71.2 per cent to $472 million, and royalty 28 per cent to $467 million.

SoftBank also announced a buyback of up to JPY500 billion, representing 6.8 per cent of its total shares.