SoftBank Group posts net loss for April-June for third year in a row

SoftBank Group reported a net loss for the April-June period for a third straight year. A weak yen weighed on its assets, while its key fund posted heavy losses.

SoftBank said its net loss was 174.2 billion yen, or about $1.2 billion.

The company’s dollar debt rose in yen terms as the Japanese currency fell in value. As a result, the company booked a foreign exchange loss of 443.9 billion yen, or about $3 billion.

Meanwhile, the mutual fund business posted a loss of 204.3 billion yen, or about $1.4 billion, due to an increase in dividends to investors.

SoftBank Group has increased its investments by acquiring companies and creating joint ventures related to artificial intelligence and semiconductors.

President and CEO Son Masayoshi has said he plans to make artificial intelligence a key pillar of the company’s business.