SoftBank Group Posts $7.2 Billion Fiscal-Year Net Loss, Hit by Tech Funds Woes

By Kosaku Narioka

SoftBank Group posted a fiscal-year net loss as losses from its technology funds business offset gains from the unwinding of its stake in Alibaba Group.

The Japanese technology and investment company said Thursday that net loss for the fiscal year ended March was 970.14 billion yen ($7.22 billion), compared with net loss of Y1.708 trillion the previous fiscal year.

Its Vision Funds business posted a loss of Y4.308 trillion, compared with Y2.553 trillion loss the previous fiscal year. Meanwhile, SoftBank Group said it booked Y4.838 trillion of gains related to the unwinding of its Alibaba stake.

Fiscal-year revenue increased 5.6% to Y6.570 trillion.

Fourth-quarter net loss was Y57.63 billion, given net loss of Y912.51 billion in the preceding nine months ended December, according to a Wall Street Journal calculation. That missed the estimated net profit of Y609.93 billion from a poll of analysts by Visible Alpha.

Write to Kosaku Narioka at kosaku.narioka@wsj.com

(END) Dow Jones Newswires

May 11, 2023 03:09 ET (07:09 GMT)

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