Japan tech investor SoftBank sinks into second year of losses

TOKYO (AP) — Japanese technology investor SoftBank Group is reporting a loss of 970 billion yen, or $7 billion, for the fiscal year that just ended. That’s the second year in a row of red ink. Tokyo-based SoftBank had racked up a 1.7-trillion-yen loss the previous fiscal year. The latest results came from massive losses on its investments, called the SoftBank Vision Fund, amid a global plunge in technology shares. The gains from transactions in Chinese e-commerce giant Alibaba were not enough to offset the investment losses. SoftBank invests in a sprawling array of companies, including Uber, DoorDash, T-Mobile and Arm.