By Kosaku Narioka

SoftBank Group reported a narrower fiscal-year net loss thanks partly to a recovery in its tech funds business.

The Japanese technology investment company said Monday that it booked net loss of 227.65 billion yen ($1.46 billion) for the fiscal year ended March 31, compared with a Y970.14 billion net loss the previous year. The result was worse than the estimated Y99.3 billion profit in a poll of analysts by data provider Visible Alpha.

SoftBank's Vision Funds business posted a profit of Y128.18 billion, compared with a loss of Y4.308 trillion the previous year, as tech stocks have surged in recent months thanks to enthusiasm over artificial intelligence and the prospects of potential Federal Reserve rate cuts later this year.

On Wednesday, U.K. chip-design unit Arm Holdings posted a sharp increase in net profit for the three months ended March as revenue jumped thanks partly to higher demand for AI and data centers.

Write to Kosaku Narioka at

(END) Dow Jones Newswires

05-13-24 0234ET