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
By Shubhangi Mathur
Published - May 12, 2022, 06:42 PM ET
Last Updated - Feb 27, 2024, 02:16 PM EST
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.”
