The Vision Fund, which upended the world of technology with its big bets on startups, reported an investment loss of 730.36 billion yen ($5.52 billion) in the fiscal third quarter. At SoftBank itself, the net loss totalled 783.42 billion yen, compared with a 29.05 billion yen profit a year earlier.
The results could make investors even more keen to see an initial public offering (IPO) of British chip designer Arm, considered one of the sprawling conglomerate’s prize assets. SoftBank aims to list Arm by the end of 2023, the company said.
“The Vision Fund has been strictly managed for the past year under the severe environment. We intend to keep that tight management in place and ascertain … investment opportunities as we go forward,” Chief Financial Officer Yoshimitsu Goto said.
The market turmoil since last year – and SoftBank’s results themselves – show how rising interest rates, deepening U.S.-China tensions and Russia’s invasion of Ukraine…