News Analysis Japanese tech investment giant SoftBank Group has decided to sell one-third of its Alibaba stake to raise $34 billion in cash, following a record $23.4 billion loss in the second quarter. Founder and CEO Masayoshi Son admitted at a press conference that he is “quite embarrassed and remorseful.” Furthermore, China’s regulatory crackdown on…
SoftBank CEO ‘Remorseful’ After Record $23.4 Billion Quarterly Loss
August 18, 2022
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Japan Tech Giant SoftBank Posts $23 Billion Quarterly Loss
TOKYO—Japanese technology company SoftBank Group posted a $23.4 billion loss in the April–June quarter as the value of its investments sank amid global worries about inflation and interest rates. SoftBank Group Corp.’s loss of 3.16 trillion yen was a reversal from its 762 billion yen profit in the same quarter a year earlier. Quarterly sales…
SoftBank Vision Fund Posts $26 Billion Loss; Son Pledges Defense
TOKYO—Japan’s SoftBank Group Corp. reported a record $26.2 billion loss at its Vision Fund investment arm on Thursday, as rising interest rates and political instability whiplashed high-growth tech stocks. The loss was in stark contrast to a year earlier when SoftBank delivered a record annual profit, putting founder and CEO Masayoshi Son’s strategy of concentrating…
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