Article Author:
Associated Press
Yuri Kageyama
TOKYO (AP) — Japanese technology company SoftBank Group posted a $23.4 billion loss in the April-June quarter . Worried about inflation and interest rates?
His loss of ¥3.16 trillion at SoftBank Group Corp. was a reversal from his profit of ¥762 billion in the same period last year.
The company said Monday that quarterly sales were up 6 percent he said.
In the fiscal year ended March, SoftBank posted a deficit of ¥1.7 trillion ($13 billion), reversing from a profit of ¥4.9 trillion a year earlier. Annual sales increased by 10.5% to his 6.2 trillion yen ($46 billion).
While SoftBank's portfolio has not been directly exposed to the war in Ukraine, the company has warned that global uncertainty, inflation and rising energy costs could hurt profitability. has warned of high prices. Foreign exchange losses also impacted earnings.
SoftBank's intended sale of British semiconductor and software design firm Arm to his Nvidia fell through earlier this year. SoftBank is currently pledging lucrative future growth in Arm, including an initial public offering, but no date has been announced for its public offering.
SoftBank acquired Arm in 2016. Arm is a leader in artificial intelligence, IoT, cloud, metaverse and autonomous driving. Its semiconductor designs are widely licensed and used in virtually all smartphones, most tablets and digital TVs. Such technology is considered the key to self-driving cars.
SoftBank also owns shares in SoftBank mobile carrier, Yahoo web service provider, Chinese e-commerce giant Alibaba, and hire company Didi. SoftBank also has a fund that includes other global investors called the Vision Fund.
