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Monday, March 4, 2024

Japan’s SoftBank Group marks a return to revenue because it cuts Imaginative and prescient Fund losses

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TOKYO — Japanese know-how conglomerate SoftBank Group returned to profitability in October-December after 4 straight quarters within the crimson, the corporate mentioned Thursday.

Tokyo-based SoftBank reported a 950 billion yen ($6.4 billion), revenue for the October-December quarter, a reversal from a 783 billion yen loss in the identical interval a yr earlier.

It remained within the crimson for the primary 9 months of the fiscal yr that ends in March. Its 458.7 billion yen ($3 billion) loss for April-December was nonetheless an enchancment from the 912.5 billion yen in losses a yr earlier.

9-month gross sales at SoftBank rose 2.6% to five trillion yen ($33.6 billion). Quarterly gross sales rose practically 5% to 1.77 trillion yen ($11.9 billion)

SoftBank, which invests in firms equivalent to Yahoo Japan, T-Cellular, Alibaba and Line, mentioned it decreased its losses associated to its array of investments known as the Imaginative and prescient Fund.

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However it added losses from its holding in Chinese language e-commerce big Alibaba, although total SoftBank has decreased its publicity to the Chinese language market.

The corporate, led by visionary billionaire Masayoshi Son, has additionally invested in WeWork, a supplier of shared work areas, which filed for Chapter 11 chapter safety final yr.

The itemizing of British semiconductor and software program design firm Arm on the Nasdaq in September netted 674 billion yen ($4.6 billion) in proceeds. SoftBank, which owns a 90.6% stake in Arm, mentioned it sees nice potential in Arm due to its offers with main firms for constructing chips for smartphones and different units, and for auto and AI functions.

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Yuri Kageyama is on X: https://twitter.com/yurikageyama





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