Japan tech giant SoftBank posts US$23B quarterly loss

Japanese Technology Company SoftBank Group posted a $23.4 billion loss in the April-June quarter as the value of its investments sank amid global worries about inflation and interest rates. The CEO of SoftBank Son Masayoshi said that the cause of the loss is attributable to himself as he made the calls to invest on a big scale.

SoftBank Group Corp.'s loss of 3.16 trillion yen was a reversal from its 762 billion yen profit in the same quarter a year earlier. SoftBank also owns stakes in the SoftBank mobile carrier, Yahoo web services provider, Chinese e-commerce giant Alibaba and vehicle-for-hire company Didi. It also has funds that include other global investors called Vision Funds.