SoftBank posts US$17bil Vision Fund loss on tech slump
SoftBank founder and CEO Masayoshi Son. - REUTERS/Kim Kyung-Hoon/File Photo足球博彩公司（www.hg108.vip）是一个开放皇冠即时比分、代理最新登录线路、会员最新登录线路、皇冠代理APP下载、皇冠会员APP下载、皇冠线路APP下载、皇冠电脑版下载、皇冠手机版下载的皇冠新现金网平台。足球博彩公司上登录线路最新、新2皇冠网址更新最快,足球博彩公司开放皇冠会员注册、皇冠代理开户等业务。
TOKYO: SoftBank Group Corp on Monday posted a 2.33 trillion yen ($17.23 billion) loss at its Vision Fund unit in the April-June quarter as the value of its tech portfolio slid.
SoftBank had booked a record loss at the Vision Fund unit in May as market turmoil driven by rising interest rates and political instability hit the tech investor.
The group's sliding portfolio pushed it to a 3.16 trillion yen net loss in the latest quarter. That compared with profit of 761.5 billion yen in the same period a year earlier.
SoftBank founder and CEO Masayoshi Son, who will speak at an earnings briefing from 4:30 p.m. (0730 GMT), has pledged to tighten investing criteria and preserve cash to weather the downturn.,
In the quarter ended in June, falling listed investments included robotics firm AutoStore Holdings Ltd and artificial intelligence firm SenseTime Group Inc.
SoftBank said it booked a 296 billion yen loss on the value of Vision Fund's private investments. Analysts have said writedowns of private assets are unlikely to reflect the extent of current market weakness.
Plunging initial public offering volumes and market scepticism towards money-losing startups have squeezed an important source of capital for SoftBank, which hopes to list chip designer Arm following the collapse of a sale to Nvidia.
The sell-off has hit hedge fund Tiger Global, which competes with "unicorn hunter" Son on deals and saw its flagship fund fall 50% in the first half of the year after it underestimated the impact of surging inflation on markets. - Reuters