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Softbank swings to a massive loss

Softbank swings to a massive loss

Softbank swings to a massive loss
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By CNBCTV18.com Aug 8, 2022 4:01:10 PM IST (Updated)

SoftBank Group Corp reported a 3.16 trillion yen ($23.37 billion) net loss in the April-June quarter against a profit of 761.5 billion yen in the year ago period.

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.
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.
(With Agency inputs)
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