TOKYO — SoftBank Group cut its losses for the financial year through March to about a quarter of the red ink it racked up a year earlier, as its financialinvestment losses decreased, the Japanese innovation business stated Monday.
Annual sales at Tokyo-based SoftBank Group Corp. increased 2.8% to 6.76 trillion yen ($43 billion). Losses for the financial year sank to 227.6 billion yen ($1.5 billion) from a 970 billion yen loss in the previous year.
By quarter, SoftBank Group, which invests in synthetic intelligence, robotics, self-governing driving and other innovation, tape-recorded its 2nd straight quarterly revenue, at 231 billion yen ($1.5 billion) for January-March, a turn-around from a 57.6 billion yen loss a year earlier.
Its 2 newest quarters in the black followed 4 straight quarters of losses.
Investment losses for the financial year consistedof Alibaba, a Chinese innovation business with e-commerce, cloud computing and digital media operations, which balancedout gains from its holdings in T- Mobile.
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