SoftBank posts record $13b operating loss as tech bets stumble

Photographer: Kiyoshi Ota/Bloomberg

SoftBank Group Corp on Monday reported a record 1.4 trillion yen ($13 billion) operating loss in the April-March financial year as the value of its tech bets via the $100 billion Vision Fund crumbled.

The tech and telecoms conglomerate’s disastrous result, caused by a 1.9 trillion yen loss at the Saudi Arabian-backed fund, compared with a group operating profit of 2 trillion yen in the same period a year earlier.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter