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SoftBank Group reports massive $5.9 billion net loss amid global tech meltdown

IANS
Updated: February 7th, 2023, 15:22 IST
in Business, Sci-Tech
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Softbank

(AP photo)

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Tokyo: There is no respite for SoftBank Group in the ongoing global tech meltdown as the Japanese investment giant Tuesday reported a massive around $5.9 billion net loss in its third quarter that ended December 31.

SoftBank said it lost around $5.5 billion in its signature Vision Funds alone in the October-December period, “reflecting declines in the share prices of a wide range of portfolio companies”.

The investment giant had lost $10 billion in the previous quarter (July-September 2022).

According to the company, the fair value of its current late-stage portfolio is now more than $37 billion.

On its earnings call with analysts, SoftBank said it’s in the “defence mode”.

For the first time in decades, Masayoshi Son, founder and chief executive of SoftBank Group, skipped the analysts’ call.

According to The Financial Times, at December-end, SoftBank said the fair value of the $100 billion Vision Fund I was down 4.4 per cent from a year earlier.

The valuation for investments in Vision Fund II was down 6.2 per cent.

SoftBank said it’s taking a “cautious approach” to investing in the blockchain and crypto sector.

Battered by heavy losses, SoftBank in September last year announced to lay off at least 30 per cent of employees at its loss-making Vision Fund.

In August, SoftBank Group revealed plans to sell nearly 242 million American depository receipts (ADRs) of Chinese behemoth Alibaba, which will help it gain 4.6 trillion yen ($34 billion) in pre-tax gain from the sale.

Investment bank Jefferies had predicted that SoftBank would need “$40-45 billion of cash this year” if it were to sustain.

Son had warned unicorns and startups to prepare for a harsh and longer funding winter.

IANS

Tags: firmInvestmentITJAPANLossSaaSSoftBankTech industry
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