Get 40% Off
These stocks are up over 10% post earnings. Did you spot the buying opportunity? Our AI did.Read how

SoftBank reports quarterly net loss due to declining investment values

EditorPollock Mondal
Published 09/11/2023, 10:56
© Reuters.

Japanese conglomerate SoftBank (TYO:9984) Group Corp. reported a quarterly net loss of 789 billion yen ($6.8 billion) Today, with diluted losses per share at 639.90 yen ($5.51), largely attributed to declining investment values, including that of Alibaba (NYSE:BABA) Group. Despite a slight revenue increase to 1.669 trillion yen ($14.4 billion), SoftBank's flagship Vision Fund registered a loss of 570.2 billion yen ($4.9 billion) and its carrying value dropped to 11.082 trillion yen ($95.6 billion).

On the same day, SoftBank's subsidiary, Arm Holdings (NASDAQ:ARM), debuted on the Nasdaq, raising about $5.1 billion in proceeds. However, Arm reported losses and lower than expected revenue and earnings for the September quarter, resulting in no recorded gain from its initial public offering (IPO).

Yesterday, WeWork Inc., a company where SoftBank was a significant investor, filed for Chapter-11 bankruptcy. The co-working space provider, which once boasted a peak valuation of $47 billion, has faced numerous challenges including a failed IPO and the removal of founder Adam Neumann.

Despite these setbacks and the company's current financial predicament, SoftBank founder Masayoshi Son remains confident about capitalizing on an anticipated boom in artificial intelligence (AI).

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.