SoftBank Group Corp. reported a substantial loss of 369.2 billion yen ($2.4 billion) for the fiscal third quarter, primarily due to challenges with its Vision Fund investments, contrasting sharply with a previous profit of 950 billion yen last year. Despite this, quarterly sales increased by 3% year-over-year to 1.83 trillion yen ($11.9 billion). The company's founder, Masayoshi Son, is betting on a future centered around artificial intelligence, as evidenced by a recent $500 billion investment initiative. For the first nine months of this fiscal year, SoftBank posted a net profit due to several successful investments but witnessed volatility in its financial results.
SoftBank Group Corp. reported a 369.2 billion yen loss in Q3, illustrating the volatility of its Vision Fund investments amid a strategic pivot towards artificial intelligence.
Although SoftBank experienced a significant loss in the third quarter, its quarterly sales rose by 3%, reflecting ongoing strategic investments in high-potential technology firms.
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