Softbank boss says it’s time to ‘shift to offence mode’ in AI push
Softbank is planning to scale up its investment activity according to boss Masayoshi Son, who said the firm is going on the offensive.
At the Japanese company’s annual general meeting today, billionaire Son said it was time to “shift to offence mode” as the group prepares to capitalise on rapidly developing AI technologies.
Recently, chief financial officer Yoshimitsu Goto expressed concerns about missing out on potential investment windows due to the company’s defensive stance.
The defence approach was triggered by a round of tech investments which cost Softbank dearly.
The Tiktok and Klarna investor suffered huge losses in its Vision Fund unit, recently announcing a 730.4bn yen (£4.6bn) decline in profits between October and December.
The firm reported net annual losses of 783.42bn yen, compared with a 29.05bn yen profit the previous year.
Softbank is also reportedly gearing up for more layoffs at its Vision Fund arm, potentially affecting nearly a third of its staff, a source told Reuters earlier this month. Softbank did not confirm it. The firm previously cut 150 jobs in September.
Softbank was contacted for comment.