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Softbank lost $3 billion last quarter despite AI hype

Source: qz.com qz.com
News Snapshot:

After two years of mostly being in the red, Softbank was expected to turn a profit in the quarter ending June 30 . The combination of shedding Alibaba stock and the soaring tech stocks in its Vision Fund portfolio, analysts thought, would tip Softbank into the black. But the chips didn’t quite fall that way. Softbank posted a surprise net loss of 477.6 billion yen ($3.3 billion) in the second quarter, it said in its earnings release today (Aug. 8). In particular, it lost money on its investments, chalked up mainly to “declines in the share prices of Alibaba, Deutsche…

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