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SoftBank Posts Net Loss Of 174.3 Billion Yen In Q2

Writer's picture: By The Financial DistrictBy The Financial District

SoftBank Group Corp. reported a net loss of 174.28 billion yen ($1.2 billion) for the three months ending in June, marking its third consecutive year of losses for the quarter.


SoftBank has incurred a foreign currency loss of 443.91 billion yen, as the weaker yen increased the burden of its US dollar-denominated debts. I Photo: [cipher] Flickr



The loss was primarily due to an exchange loss resulting from a weaker yen, as reported by Kyodo News.


The reported net loss was smaller than the 477.62 billion yen loss recorded a year earlier, which was driven by significant losses from investments through SoftBank's Vision Fund. For the three-month period, sales rose by 9.3 percent from the previous year to 1.70 trillion yen, according to the Japanese company.



However, SoftBank did not release an earnings forecast for the fiscal year ending March 2025, as reported by Mainichi Japan.


The company recorded a profit of 559.71 billion yen from its investment operations, a significant reversal from a loss of 698.96 billion yen a year earlier.



This improvement was driven by a rise in the share prices of tech companies SoftBank invested in, including TikTok operator ByteDance Ltd. and South Korean e-commerce giant Coupang Inc.


Despite these gains, SoftBank incurred a foreign currency loss of 443.91 billion yen, as the weaker yen increased the burden of its US dollar-denominated debts.




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