SoftBank announces major share buyback, narrows losses

TOKYO: Japanese investment giant SoftBank reported narrower first-quarter losses on Wednesday and announced a major share buyback to reassure investors and help finance a pivot into artificial intelligence.

Hit by weakness in its Vision Fund investment vehicles and a weak yen, SoftBank posted a net loss of 174.3 billion yen ($1.2 billion) in April-June, a big improvement on the 477.6 billion yen loss seen a year earlier.

Its announcement of a buyback worth up to 500 billion yen followed pressure from activist investor Elliott Investment Management, Bloomberg News reported.