SoftBank Posts Another Loss Despite Technology-Share Rebound
Return to profit for Vision Fund can’t stem red ink for the investment company
TOKYO—Japanese technology investor SoftBank 9984 1.52%increase; green up pointing triangle Group on Tuesday reported its third straight quarter of net losses despite a rebound in technology shares helping its investment portfolio return to profit.
SoftBank posted a net loss of 477.6 billion yen, equivalent to about $3.3 billion, for the quarter ended June 30. That compares with a ¥3.163 trillion net loss in the same period a year earlier.
Reflecting the tech-share recovery, the Vision Fund business, SoftBank’s main investment vehicle, posted a profit of ¥61 billion. It was the first time in six quarters that the Vision Fund unit was profitable.
The company had been cautious about making new investments as its investments were hit hard by higher interest rates and the global tech selloff. In a measure to preserve cash, it has sold down its stake in Chinese e-commerce giant Alibaba Group Holding.
Chief Executive Masayoshi Son said at the company’s annual shareholders meeting in June that SoftBank was getting ready to go on a counteroffensive.