Japan's SoftBank reduces its investment losses with gains in Alibaba and other holdings

📆 07/08/2024 21:34:00
📰 AP

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Softbank Corp. News

Financial Performance,General News,Earnings

Japanese technology giant SoftBank Group has reported a smaller loss for the April-June quarter compared to a year earlier. Tokyo-based SoftBank said Wednesday that its losses in the last quarter totaled 174 billion yen, or $1.2 billion. It racked up nearly 478 billion yen in red ink in the same period of last year.

FILE - The logo of SoftBank Corp. is seen at its shop in Tokyo, on April 21, 2022. TOKYO — Japanese technology investor SoftBank Group Corp. reported a smaller loss for the last quarter compared to a year earlier.

Quarterly sales rose 9% at SoftBank, which has investments in various technology companies including American office-space-sharing WeWork; Alibaba, a Chinese e-commerce company, and telecommunications company T-Mobile. WeWork, which filed for Chapter 11 bankruptcy protection in 2023, emerged from Chapter 11 in June. Sales increased in Arm, an artificial intelligence and processor company, while investments gains were recorded for Alibaba and T-Mobile holdings.

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Japan's SoftBank reduces its investment losses with gains in Alibaba and other holdingsJapanese technology giant SoftBank Group has reported a smaller loss for the April-June quarter compared to a year earlier.
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