SoftBank Group posts $2.4B loss in Q3 amid AI investment plans

ISTANBUL

Continuing its AI ventures, Japanese tech giant SoftBank Group saw a loss of 369.2 billion yen ($2.4 billion) last October-December, according to the figures released by the company on Wednesday.

The figure reversed the gain of $6.1 billion in the same quarter of the previous year and missed forecasts for a net income of $1.5 billion, according to London Stock Exchange Group (LSEG) data.

On the other hand, the company posted net income of $4.1 billion in April-December 2024.

The figure marked a rebound from the net loss of $2.98 billion in the same period of 2023.

The company's sales rose 6% to reach $34.5 billion in the nine-month period.

Meanwhile, investment gains fell 24% compared to the same period of the previous year.

SoftBank Group has entered into joint ventures with US tech giants such as Nvidia, OpenAI, Microsoft, and Oracle to invest in AI infrastructure in the US and Japan.