The Tokyo-based tech conglomerate lost US$23.5 billion in the three months ended June 30, after losing nearly US$16.5 billion in the previous quarter. Its startup-investment arms, Vision Funds 1 and 2, suffered a US$21.7-billion loss, which dragged down its results. (The Logic)
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The Tokyo-based tech conglomerate lost US$23.5 billion in the three months ended June 30, after losing nearly US$16.5 billion in the previous quarter. Its startup-investment arms, Vision Funds 1 and 2, suffered a US$21.7-billion loss, which dragged down its results. (The Logic)
Talking point: The firm’s performance reflects the steep drop in private and public tech valuations amid rising interest rates and China’s crackdown on tech companies. SoftBank—which made big bets on high-profile tech firms like Uber, WeWork and DoorDash—also booked a US$6.1-billion loss from the Japanese yen’s sharp drop against the U.S. dollar. The firm is now planning “dramatic” cost cuts, said CEO Masayoshi Son, who said he was “embarrassed” by the quarter’s results. “If we had been a little more selective and invested properly, it would not have hurt as much,” he said in a presentation Monday. “I want to reflect on this and remember this as a warning.”
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