SoftBank’s losses narrow in 2022

SoftBank reported a loss of $7.2 billion in fiscal 2022. Thus, the company reported a loss for the second year in a row, and its loss decreased by 43 percent compared to the previous year. SoftBank Group (SBG) announced a net loss of 970.1 billion yen ($7.2 billion) in fiscal 2022. SBG, which provides services in the energy, finance, and communications sectors, announced its comprehensive balance sheet data for fiscal 2022. According to the updated data, the company experienced a net loss of 970.1 billion yen ($7.2 billion) in the period covering April 2022-March 2023. The company's sales revenues increased by 5.6 percent in the fiscal year to 6.57 trillion yen ($48.7 billion). It was reported that investment losses from SBG's "Vision Fund" focused on artificial intelligence were effective in the net loss. Thus, the Japanese company announced a net loss for the second year in a row. SBG had recorded a net loss of 1.71 trillion yen in fiscal 2021.