SoftBank experienced a Vision Fund gain in the second fiscal quarter due to a sale of stock from chip-producing Arm to one of its subsidiaries. Though this was beneficial, it was unable to compensate for the decreased worth of other investments, such as SenseTime's AI technology.
SoftBank reported investment gains of 21.3 billion yen through its Vision Fund in the September fiscal quarter, but still booked a net loss of 931.1 billion yen ($6.2 billion). This compared to an expected loss of 114.1 billion yen and a 1.67 trillion Japanese yen ($11 billion) in net sales, versus 1.6 trillion yen forecasted. Over the first half of SoftBank's fiscal year, the company had losses of 1.41 trillion yen ($9.3 billion), versus 3 trillion yen profits in the same period last year. An unfavourable exchange rate due to the Yen weakening against the US dollar is the primary reason for the losses. Vision Fund's second quarterly gain in a row offset a decline in the value of certain investments, such as AI firm SenseTime, while a gain arising from the sale of chip designer Arm's shares to a subsidiary of SoftBank contributed too. Despite the encouraging signs, it is still a far cry from the record losses of $32 billion in the previous fiscal year. Masayoshi Son's shift to "offense" mode after going into "defense" was made in June, and he highlighted the potential of AI technology. Arm's share price was somewhat deflated on Wednesday after their initial post-IPO set of results, which were up on the year but included a dissatisfying guidance for the December quarter.
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