2023-05-11 06:53:56
By Le Figaro with AFP
Published
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Japanese tech investment giant SoftBank Group said on Thursday it suffered a net loss of 970 billion yen (6.6 billion euros) in its 2022/23 financial year due to the tech sector debacle. Bloomberg consensus analysts had expected a lower annual net loss of around 350 billion yen, after a record annual net loss of 1.708 billion yen (11.6 billion euros at the current rate) in the previous financial year. .
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Over the full year ended March 31, its Vision Funds division alone suffered a loss of 4,308.3 billion yen, according to a press release, after a fifth consecutive quarter in the red. This is according to the Bloomberg agency a loss of a record amount. The loss on investments linked to its Vision Fund 1 and 2 amounts to 5,322.3 billion yen, specifies the group, citing among the investments at the origin of its losses the Chinese artificial intelligence company SenseTime and the American company specializing in DoorDash meal delivery. “SoftBank Group’s performance largely depends on stock price“, recalled Hideki Yasuda of Toyo Securities, questioned by AFP before the results.
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SoftBank’s setbacks also come from the hundreds of unlisted companies in which it owns shares, and whose valuation, more difficult to estimate, is often known during fundraising. These suffered the blow of the depression of the financial markets against the backdrop of the tightening of monetary policies and gloomy outlook for the global economy in 2023. «We believe that portfolios of shares of unlisted companies (…) are at risk of further significant declines in the futurecommented analyst Victor Galliano in a note recently published on the SmartKarma platform.
As usual, SoftBank Group did not deliver earnings forecasts for its full 2023/24 fiscal year, which began on April 1, on Thursday.
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