Japan's SoftBank reports record quarterly net loss
Japan's SoftBank Group on Monday reported a record quarterly net loss of $23.4 billion (€23bn), after interest rate hikes tanked tech shares.
The telecom firm-turned-investment behemoth posted a net loss of 3.16 trillion yen, nosediving from a net profit of 761.5 billion yen in the same April-June period the previous year.
"Global stock declines and the rapid depreciation of the yen" contributed to the slump, CEO Masayoshi Son told reporters.
A company statement elaborated, blaming the "global downward trend in share prices due to growing concerns over economic recession driven by inflation and rising interest rates".
SoftBank's big stakes in global tech giants and volatile new ventures have made for unpredictable earnings, and it has lurched between record highs and lows in recent years.
The portfolio companies that suffered large losses for the quarter included South Korean e-commerce giant Coupang and US meal delivery platform DoorDash, SoftBank Group said.
The outspoken Son said he wanted to reflect and learn from the huge losses suffered by SoftBank's technology-focused Vision Fund, which suffered even worse declines than the tech-rich Nasdaq.
"All sorts of things can be...