SoftBank posts yearly loss of $13.2 billion as tech stocks underperform
In the first three months of the year, SoftBank reported loss of $26.2 billion
SoftBank Group Corp (NASDAQ: SFTBY) reported an overall loss of $13.2 billion for its fiscal year ended March 31, marking the biggest-ever yearly loss of the company.
The Tokyo-based conglomerate blamed recent poor performance of tech stocks, pressure from the Chinese crackdown on private businesses and rising rates for the company’s loss.
“The world is in a chaotic situation,” said Chief Executive Masayoshi Son, citing Covid-19 and Russia’s invasion of Ukraine, reported WSJ.
“In this chaotic world, the approach we at SoftBank should take is defense.”
In the first three months of the year, SoftBank reported loss of $26.2 billion.
SoftBank Vision Fund
The Japanese giant’s Vision Fund, which invests in high growth stocks, posted a loss of $27.4 billion for its financial year ended Mar. 31, the biggest loss since the investment fund began in 2017.
Holdings in publicly listed Vision Fund companies plunged by more than $13 billion since its fiscal year ended March 31, SoftBank said.
Picture Credits: Bloomberg News
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