Tech investor SoftBank Group logs $7 bn quarterly net loss

Japanese tech investment giant SoftBank on Tuesday reported a net loss of 1.1 trillion yen ($7 billion) for the second quarter, marking a swing from a profit a year ago.

The company’s profits routinely see wild fluctuations linked to the volatile value of global technology stocks and its changing portfolio of investments and acquisitions.

SoftBank has funnelled billions into developing AI and related infrastructure, with CEO Masayoshi Son extolling the technology’s world-changing potential.