SoftBank swings to $7 billion net loss in second quarter as tech selloff weighs on results

SoftBank reported a fiscal second-quarter net loss of 1.12 trillion yen ($7 billion) on Tuesday.

SoftBank shares closed 13.9% higher on Tuesday. The gains came as Asian technology stocks, including Samsung Electronics and SK Hynix, rose following an overnight rebound on Wall Street.

Here's how SoftBank fared in the fiscal second quarter:

SoftBank has made OpenAI a major focus of its AI investment strategy. The Japanese conglomerate completed a $30 billion follow-on investment in the ChatGPT maker in October, bringing its total investment to $64.6 billion and its ownership stake to approximately 13%.

Ahead of its earnings release, SoftBank Group announced on Monday plans with Grab and Malaysia's PETROS to commit a combined $1.85 billion in initial capital to develop AI infrastructure in Malaysia, with a long-term target of at least five gigawatts of AI computing capacity.

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