2023-11-09 06:11:10
The SoftBank Group announced that its investment business Vision Fund (SVF) had a business loss of 258.9 billion yen in the second quarter (July-September period), falling back into the red.
At the same time, the company announced a net loss for the second quarter of 931.1 billion yen, marking its fourth consecutive quarterly loss. The market forecast was for a surplus of 229.3 billion yen.
In its financial results announcement, the company revealed that it spent a total of $1.33 billion (approximately 200.9 billion yen) on investments in SVF during the second quarter, striking a balance between “defense” and “offense.” The SVF business posted a profit for the first time in six quarters in the first quarter, due to strong performance in high-tech stocks around the world due to increased interest in artificial intelligence (AI).
According to the company’s financial results announcement, cash and cash equivalents had accumulated to 6,707.8 billion yen as of September 30th. Expectations for share buybacks were high in the market ahead of the announcement of financial results.
In September, Arm, a British semiconductor design company affiliated with Arm, conducted the year’s largest initial public offering (IPO) on the U.S. stock market. SoftBank G received $5.12 billion (approximately 773.4 billion yen) in proceeds from the American Depositary Share (ADS) offering.
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