SoftBank Group swings to $7 billion loss in second quarter

SoftBank Group reported a net loss of 1.12 trillion yen, about $7 billion, for the fiscal second quarter, compared with a net profit of 2.5 trillion yen a year earlier, as investment losses and higher financing costs weighed on earnings. The Vision Fund segment swung to a loss of 81.58 billion yen from a profit of 2.38 trillion yen a year earlier, as declines at listed holdings including Coupang and Grab outweighed a $1.3 billion gain on ByteDance, while revenue of 2.22 trillion yen beat the 2.02 trillion yen LSEG estimate. The company also recorded a 597.2 billion yen loss over the six months from changes to procurement plans for power generation equipment for AI data center projects in the United States, said its cumulative investment in OpenAI stood at $54.6 billion at the end of September with a fair value of $99.6 billion, and its shares closed 13.9 percent higher in Tokyo on Tuesday as Asian technology stocks rebounded with Wall Street.