FILE - A woman walks in front of SoftBank store in Ginza shopping district in Tokyo, Jan. 20, 2020. SoftBank Group trimmed its losses for the fiscal year through March to about a quarter of the red ink it racked up a year earlier, as its investment losses declined, the Japanese technology company said Monday, May 13, 2024.
By quarter, SoftBank Group, which invests in artificial intelligence, robotics, autonomous driving and other technology, recorded its second straight quarterly profit, at 231 billion yen for January-March, a turnaround from a 57.6 billion yen loss a year earlier.Investment losses for the fiscal year included Alibaba, a Chinese technology company with e-commerce, cloud computing and digital media operations, which offset gains from its holdings in T- Mobile.
SoftBank, led and founded by billionaire visionary Masayoshi Son, also invests in Yahoo Japan and Line. Son is expected to make his pitch for the future of AI at the shareholders’ meeting later this year, although he skipped the earnings presentation.