The telecom firm-turned-investment behemoth posted a net loss of $23.4 billion after interest rate hikes tanked tech shares
A SoftBank Corp. store in Yokohama, Japan, on Sunday, Aug. 7, 2022. SoftBank Group faces another tough quarterly earnings report, as global concerns over higher interest rates and economic recession batter the valuations of its investments. Image: Takaaki Iwabu / Getty Images
Tokyo, Japan: Japan's SoftBank Group on Monday reported a record quarterly net loss of $23.4 billion, 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".