2023-08-08 10:37:43
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The group’s acquisitions are currently focused on artificial intelligence and areas with strong growth prospects.
(Photo: Reuters)
Tokyo Price losses in key holdings have brought Softbank its third consecutive quarterly loss. The Japanese technology investor announced a minus of around three billion euros on Tuesday because its shares in companies such as Deutsche Telekom, its US mobile communications subsidiary T-Mobile or the Chinese online retailer Alibaba have increased by up to 20 percent lost in value. Analysts had hoped for a plus of 484 million euros after Softbank had made a good 20 billion euros in the same period last year.
The group’s flagship investment vehicle, the “Vision Fund”, on the other hand, returned to profitability and posted a surplus of around one billion euros. Softbank owed this to its participation in the chip designer arm, on whose designs practically all smartphone chips are based. According to a media report, the company is aiming for a valuation of 60 to 70 billion dollars for the planned IPO. With issue proceeds of up to $10 billion, the debut could be the world’s largest IPO of the year.
Softbank emphasized that it wants to continue to proceed cautiously and selectively with new investments. Acquisitions are currently focused on artificial intelligence (AI) and areas with strong growth prospects.
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