Japanese technology giant SoftBank Group reported a $23 billion loss in the April-June quarter as the value of its investments sank.
How long the problems will persist is unclear, Son said, noting it could be months or even years because of global instability and inflation.
Softbank’s intended sale of British semiconductor and software design company Arm to Nvidia failed earlier this year. SoftBank is now promising lucrative future growth at Arm, including an initial public offering, although a date has not been announced for that offering. SoftBank acquired Arm in 2016. Arm is a leader in artificial intelligence, IoT, cloud, the metaverse and autonomous driving. Its semiconductor design is widely licensed and used in virtually all smartphones, the majority of tablets and digital TVs. Such technology is considered key for autonomous driving cars.
Though Arm remains a bit of a positive for SoftBank, Son said he was not going to gloss over the overwhelmingly devastating results for the latest quarter. Lower share prices might appear to be an opportunity to buy at bargain basement prices, but Son promised SoftBank will firmly hold back on new investments, cut costs and jobs, and instead focus on the more than 470 companies it’s already invested in, mostly companies focused on artificial intelligence.SoftBank also owns stakes in the SoftBank mobile carrier, Yahoo web services provider and vehicle-for-hire company Didi, which has suffered under a regulatory crackdown in China.
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