SoftBank tumbled to a $2.4bn loss in its fiscal third quarter as the Japanese conglomerate and its founder Masayoshi Son gear up to finance one of the world’s largest-ever bets on artificial intelligence.
The tech group said on Wednesday it fell to a loss of ¥369.2bn ($2.4bn), compared with a gain of ¥950bn in the same quarter last year and missing analysts’ forecasts for a net profit of ¥234bn, according to LSEG data.
SoftBank was hit by a ¥352.7bn loss in its tech-heavy investment vehicles, the Vision Funds, following two successive quarters of gains.
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