SoftBank Swings to Surprise $2.4 Billion Loss as Vision Fund Sinks Bottom Line
Less than 1 min read
Key points:
- SoftBank’s Vision drags bottom line
- Masa Son seeking $500 billion
- Revenue falls below estimates
Masayoshi Son is hard at work looking for hundreds of billions of dollars from investors as part of his big bet on artificial intelligence.
📉 SoftBank Posts $2.4B Loss
- SoftBank
9984 dived into a $2.4 billion loss in its fiscal third quarter as Masayoshi Son is now staring at perhaps his biggest venture — a huge bet on artificial intelligence. The Japanese group said Wednesday morning it lost ¥369.2 billion ($2.4 billion) for the quarter ended December, compared with a gain of ¥950 billion a year earlier. - SoftBank’s high-risk, tech-focused fund, Vision Fund, was largely responsible for sinking the bottom line with a ¥352.7 billion loss. How’s that going to affect Masa’s perspective? It likely wouldn’t, considering what he’s got going for him.
🤖 SoftBank’s Big AI Gig
- Masa, the daredevil risk taker and to some extent a gambler, is now campaigning to raise as much as $500 billion for his new gig. Called Stargate, the project is bringing together some of the biggest names in tech as they all work toward one goal — building out the infrastructure layer for AI to thrive.
- Back to SoftBank’s earnings report, the Tokyo-based investor picked up revenue of ¥1.83 trillion ($12 billion) against expectations of ¥1.84 trillion.