SoftBank Records $6.2 Billion Quarterly Loss, Marking Fourth Consecutive Quarter in Red Due to WeWork Bankruptcy and Weak Yen Impact

SoftBank's Vision Fund reports slight gains but WeWork writedowns and weak yen contribute to greater losses; CFO Yoshimitsu Goto maintains optimism amid restructuring and new investment focus on AI, robotics.

SoftBank Group Corp recorded a $6.2 billion quarterly loss due to weak yen impact and a bigger-than-expected writedown on its investment in WeWork, which filed for bankruptcy earlier in the week.
Despite recording two consecutive quarters of gains, CFO Yoshimitsu Goto acknowledges that the Vision Fund's performance is dwarfed by the broader losses as the company refocuses investments, particularly in AI and robotics.
SoftBank's Vision Fund reported a slight gain of $1.7 billion for the quarter, offsetting the company's overall loss. The fund has been relatively quiet in its investment activities but has reportedly been considering investments in Norway-based robotics startup 1X Technologies and AI creator OpenAI.
The company's share price fell 9% following the announcement of the losses, marking the sharpest decline in a year. SoftBank's weak yen contributed to a 183 billion yen cut to its quarterly earnings.
Despite losses and a strategic shift in investment focus, SoftBank continues to make cautious investment decisions, demonstrated by its recent backing of companies like Stack AV and Mapbox specializing in AI and robotics.