TOKYO, May 13 (AFP): SoftBank Group reported Monday a sharply narrowed full-year net loss as the Japanese investment giant pivots into artificial intelligence technologies.
For the year to April, SoftBank was 227.6 billion yen ($1.5 billion) in the red compared to the huge loss of 970 billion yen the previous year.
It was helped by its two Vision Fund investment vehicles returning to profit and proceeds from selling shares in Chinese e-commerce titan Alibaba.
Founded by the charismatic Masayoshi Son, SoftBank made its name through spectacularly successful bets on Alibaba and internet pioneer Yahoo.
But other investments have also catastrophically failed, most notably in office-sharing firm WeWork.
According to media reports, Son now wants to create a powerhouse in chips for AI applications built around British chip designer Arm, of which SoftBank owns 90 per cent.
SoftBank narrows full-year loss
FE Team | Published: May 13, 2024 23:46:41
SoftBank narrows full-year loss
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