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Softbank swings to a massive loss

Aug 8, 2022 2:57 AM

SoftBank Group Corp on Monday reported a 3.16 trillion yen ($23.37 billion) net loss for the quarter ended June. In the corresponding period in the preceding fiscal, multinational conglomerate posted a profit of 761.5 billion yen.

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The group reported a 2.33 trillion yen ($17.23 billion) loss at its Vision Fund unit for the quarter under review. During May, SoftBank's Vision Fund unit suffered a record loss due to market turmoil triggered by rising interest rates and political instability.

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During the earnings briefing, SoftBank founder and CEO Masayoshi Son pledged to tighten the investing criteria. Son, multiple times, acknowledged that the company has invested in more start-ups than it should have.

Son said that the Japanese company has authorised a 400 billion yen share repurchase programme.

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(With Agency inputs)

First Published:Aug 8, 2022 11:57 AM IST

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