Softbank Group Corp's (OTC:SFTBF) (OTC:SFTBY) core Vision Fund arm posted a $7.2 billion quarterly loss as plunging startup valuations continue to weigh on its financial performance.
The Vision Fund segment lost 1.02 trillion yen in July-September, following a 2.33 trillion yen loss in the June quarter.
Softbank logged a net income of 3.03 trillion yen thanks to the disposal of a chunk of its Alibaba Group Holding Ltd (NYSE:BABA) stake, Bloomberg reports.
The company said its total profit on its disposal of Alibaba shares was 5.37 trillion yen. In the first quarter, the group posted a 3.16 trillion yen loss.
SoftBank battled declines in public investments, with the Vision Fund recording net valuation losses totaling 1.19 trillion on its public holdings in the recent quarter.
Investment losses at flagship unit Vision Fund were 1.38 trillion yen ($9.75 billion) in the three months to September 30 as the value of its portfolio continued to slide, Reuters reports.
China's SenseTime Group Inc (OTC:SNTMF) accounted for 364 billion yen. In contrast, U.S. food delivery firm DoorDash, Inc (NYSE:DASH) accounted for 225 billion yen, and Indonesian ride-hailing and e-commerce firm GoTo Group (OTC:GTOFF) 108 billion yen.
Billionaire founder Masayoshi Son and SoftBank struggled to wait out the slump, selling off shares in Alibaba and Uber Technologies Inc (NYSE:UBER).
Chipmaker sentiment has soured drastically in recent weeks, putting the onus on Arm Ltd's finances to make an initial public offering successful.
As attention turns to SoftBank's balance sheet, SoftBank has been hurrying to offload assets to bolster its bottom line and fund a share repurchase spree.
The accelerated pace of its stock buybacks has sparked renewed speculation that Son may lead a management buyout of SoftBank.
Also Read: SoftBank Might Write Off $100M Loss On Stake Held In Beleaguered FTX Crypto Exchange
Price Action: SFTBY shares closed higher by 5.59% at $24.83 on Thursday.
Photo Via Wikimedia Commons

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