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SoftBank Group posts $7bn loss for fiscal 2022

AI-focused Vision Fund continues to struggle amid rising interest rates

SoftBank has posted two consecutive years in the red for the first time since the fiscal year that ended in March 2005.

TOKYO -- SoftBank Group announced on Thursday a final loss of 970.1 billion yen ($7.2 billion) for its consolidated financial results for the fiscal year that ended in March, marking the group's second consecutive year in the red after it posted a final loss of 1.708 trillion yen in the previous fiscal year.

The Vision Fund, which invests in artificial intelligence-related companies, continued to struggle. The group earned a one-time gain of about 5 trillion yen through the accelerated settlement and unloading of shares in China's Alibaba Group, which had been offered as derivatives, but this did not compensate for the overall loss.

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