SoftBank Group Corp SFTBF SFTBY reported a Q1 FY23 net sales decline of 0.9% Y/Y to ¥1.56 trillion.
Gross profit declined 5.9% Y/Y to ¥832.1 billion in the quarter.
The company reported a net loss attributable of ¥(477.6) billion, which narrowed from the loss of ¥(3.16) trillion in the previous year and significantly missing the consensus of net profit of ¥75 billion (as per Reuters).
The company reported an investment loss of ¥689.7 billion (vs. a gain of ¥111.2 billion a year ago) due to a decline in the share prices of Alibaba Group Holding Ltd BABA, Deutsche Telekom AG DTEGF, and T-Mobile US Inc TMUS.
Excluding gains related to SVF’s investments in subsidiaries, investment loss at SoftBank Vision Funds stood at ¥13.0 billion in the quarter.
The Vision Fund unit booked an investment gain at SoftBank Vision Funds of about ¥159.8 billion ($1.1 billion) in Q1 FY23 versus a loss of ¥(2.93) trillion the prior year on higher valuations for its subsidiary, ARM.
Related: Softbank-Backed Chip Designer Arm Aims for $60B-$70B IPO Valuation Amid Bullish AI Chip Outlook
SVF invested a total of ¥1.58 billion in Q1 FY23.
As of June 30, 2023, cash and cash equivalent stood at ¥7.32 trillion.
Also Read: SoftBank Boosts its Ambitions in the Robotics Industry, Backs Telexistence with $170M Investment
Price Action: SFTBF shares closed lower by 1.18% at $48.34 on Monday.
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