TOKYO :Technology investor SoftBank Group swung to a net profit in the final quarter of its financial year, it said on Monday, as the Japanese giant focuses on artificial intelligence to help fuel a return to growth.
Investors are increasingly focused on the outlook for SoftBank subsidiary Arm Holdings, the British chip designer. Arm's prospects are seen as helping fuel SoftBank's push into AI. Still, Arm's surging valuation has not contributed to SoftBank profit as Arm is a subsidiary. Whereas Arm reported record January-March sales on licence and royalty revenue, SoftBank booked a ¥33-billion loss from its Arm investment in the last fiscal year due to increased expenses related to stock compensation and hiring.
Most of SoftBank's investments through its Vision Fund unit suffered valuation loss in the fourth quarter, leaving it with a ¥57.5 billion loss. A bright spot came in the form of South Korean e-commerce firm Coupang which generated around US$600 million in unrealised investment gain.
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Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
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