Softbank Group Posts Record Quarterly Loss Of About 23 Billion Dollars
SoftBank Group announced on Monday that it posted a record net loss of 3.16 trillion yen, or about 23.4 billion dollars, in the April-June quarter as the value of its stock holdings plunged. This is the largest quarterly loss ever by a listed Japanese company.
The group's funds invest in many startups overseas. Their share prices have declined in line with overall losses on global stock markets, forcing the group to report a valuation loss of about 20 billion dollars.
The weakening of the yen against the dollar also increased the group's debt.
But quarterly sales rose 6.3 percent to about 11.6 billion dollars.
In the last fiscal year that ended in March, the group also posted a record net loss of about 13 billion dollars. This was due to global factors such as accelerating inflation, rising interest rates and a recession.