Japanese investor SoftBank Group reported Tuesday that it sank right into a deep loss for the October-December quarter, slammed by the worldwide plunge in know-how shares.
SoftBank Group Corp. racked up a 783 billion yen (USD 5.9 billion) loss for the fiscal third quarter, a reversal from the 29 billion yen revenue recorded the identical interval a yr in the past.
SoftBank invests in a whole bunch of firms, together with cellular service SoftBank, net providers supplier Yahoo, vehicle-for-hire firm Didi and Chinese e-commerce large Alibaba. It additionally runs the Vision Fund that features different international buyers.
SoftBank Group recorded practically 512 billion yen (USD 3.9 billion) in losses on investments in the course of the quarter, as costs of its shareholdings and funds nose-dived, it stated.
Various uncertainties have slammed Japanese firms lately, resembling hovering materials prices and rising rates of interest. Tensions such because the battle in Ukraine have additionally added to what tends to work as negatives for SoftBank’s sprawling portfolio of investments.
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