Japan's SoftBank reduces its investment losses with gains in Alibaba and other holdings
Japanese technology giant SoftBank Group has reported a smaller loss for the April-June quarter compared to a year earlier
By YURI KAGEYAMA
Published - Aug 07, 2024, 05:50 AM ET
Last Updated - Aug 07, 2024, 05:50 AM EDT
TOKYO (AP) — Japanese technology investor SoftBank Group Corp. reported a smaller loss for the last quarter compared to a year earlier.
Tokyo-based SoftBank’s losses totaled 174 billion yen ($1.2 billion) in the April-June quarter, the company said Wednesday. It racked up nearly 478 billion yen in red ink in the same period of last year.
Quarterly sales rose 9% at SoftBank, which has investments in various technology companies including American office-space-sharing WeWork; Alibaba, a Chinese e-commerce company, and telecommunications company T-Mobile.
SoftBank said its investments operations improved considerably from the past year, with a nearly 560 billion yen ($3.8 billion) gain.
