Business

SoftBank reports a $13 billion annual loss after tech stocks tumble

TOKYO – Japanese technology investor SoftBank Group Corp. on Thursday reported its biggest annual loss in its four-decade history on the global sell-off in technology stocks.

Soft Bank 9984,
-8.03%,
known for its $100 billion Vision Fund, reported a net loss of 1.71 trillion yen for the year ended March 31, equivalent to $13.2 billion in net income of nearly 5 trillion yen in the previous fiscal year.

The company’s results tend to fluctuate widely as they follow the volatile movements of the technology stocks in which SoftBank has invested, including U.S. companies like Uber Technologies Inc. and DoorDash Inc.

Rate hikes by the Federal Reserve and other central banks, as well as stricter regulation of the tech industry by the Chinese government, have weighed on the valuations of high-growth tech stocks.

An expanded version of this story is available at WSJ.com

https://www.marketwatch.com/story/softbank-reports-13-billion-annual-loss-after-tech-stock-slide-11652343068?rss=1&siteid=rss SoftBank reports a $13 billion annual loss after tech stocks tumble

Brian Lowry

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