SoftBank Group in Japan trims investment losses but remains in red for fiscal year

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 …TOKYO —

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.

In its SoftBank Vision Fund of investments, some shares lost value. Among them was WeWork, a provider of shared work spaces, which filed for Chapter 11 bankruptcy protection last year. Such minuses were offset by gains from other holdings, like ByteDance, the Chinese owner of the popular video-sharing app TikTok.

When a reporter asked why Son wasn’t present, Chief Financial Officer Yoshimitsu Goto said Son was busy focusing on new efforts in what the company is calling “the AI age.”

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Japan's SoftBank Group trims investment losses but remains in red for fiscal yearJapanese technology company SoftBank Group says it trimmed its losses for the fiscal year through March to about a quarter of the red ink it racked up a year earlier, as investment losses declined. SoftBank Group said Monday that its annual sales rose 2.8%, while losses for the fiscal year declined to 227.6 billion yen, or $1.
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