Japan's SoftBank Group Corp fell to a quarterly loss on Tuesday, as its giant Vision Fund investment unit remained in the red for a fourth straight quarter, sharpening focus on when markets will recover enough to allow it to list some assets.
Arm posted a 28% jump in quarterly net sales to $746 million, helped by higher royalty revenues of its high-end 5G smartphone chips.
It has more than 95% market share of the main communication chips used in mobile devices. Still, SoftBank warned the chip designer is also bracing for the impact of a broader tech industry slowdown. "Some of Arm's customers have indicated that inventory levels are very high across the value chain, which may result in their revenues declining for a short period until inventory levels are lower," it said in a statement.
The net loss also marked a sharp turnaround from the 3 trillion yen profit SoftBank reported in the prior quarter, for July-September, when it was buoyed by the sale of some of its stake in China's Alibaba Group HoldingSon invested heavily in artificial intelligence and other high-tech startups through the Vision Fund in recent years, delivering both record profits and heady optimism about future valuations.in November when the company did not announce further share buybacks.
Reporting by Kiyoshi Takenaka; Additional reporting by Miyoung Kim; Editing by David Dolan, Jamie Freed and Jacqueline Wong
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
SoftBank posts loss as Vision Fund in the red for fourth straight quarterSoftBank Group Corp on Tuesday booked a net loss for October-December, as its giant Vision Fund investment unit remained in the red for a fourth straight quarter while a global tech sell-off battered valuations of its portfolio companies.
Read more »
SoftBank's Vision Fund posts fourth straight quarter of losses as tech slump hits Japanese giantSoftBank's flagship investment arm, the Vision Fund, has been hit by a slump in technology valuations over the past year.
Read more »
SoftBank Loses Nearly $6 Billion in Quarter as Investments SufferSoftBank Group said it fell back into the red in the three months to December as its investment vehicles posted a loss of nearly $6 billion.
Read more »
Blobs of Human Brain Implanted in Rat Brains Replace Damaged Vision FunctionalityA team of researchers at the University of Pennsylvania has inserted human neurons into the brains of rats with damaged visual cortices.
Read more »
How Lumeo Simplifies Video Analytics With A Low/No Code Vision AI PlatformFounded by Devarshi Shah and Chris Bruce, Lumeo is one of the upcoming startups in the low-code computer vision AI platform segment.
Read more »
Leadership Vision for 2023: Supply Chain Procurement Leaders | GartnerProcurement leaders 👋 What does your 2023 vision look like? Get your copy of the 2023 Supply Chain Procurement Leadership Vision eBook to explore the 4 key actions you must take to drive growth, talent and innovation amid ongoing disruption: GartnerSC
Read more »