SoftBank's Largest Quarterly Loss Under Son Jeong-ui... 30 Trillion Won Net Loss from April to June

Son Jeong-ui, Chairman of Japan's SoftBank Group [Image source=Yonhap News]

[Asia Economy Reporter Changhwan Lee] SoftBank Group, led by Japan's Masayoshi Son (Son Masayoshi), recorded the largest quarterly loss in history for the April-June period.

SoftBank Group announced on the 8th that it posted a net loss of 3.1627 trillion yen (approximately 30.5 trillion KRW) on a consolidated basis for April to June this year.

This marks a loss for two consecutive quarters following a net loss of 2.1006 trillion yen in January to March this year. It is the first time in 17 years since 2005 that the company has posted losses for two consecutive quarters.

The Vision Fund, established by SoftBank to invest in global information technology (IT) companies, is considered the main cause of the deteriorating performance due to investment losses caused by the stock market decline following the US interest rate hikes.

The Nihon Keizai Shimbun (Nikkei) reported that the Vision Fund business, which invests in emerging AI-related companies from April to June, incurred investment losses of 2.9 trillion yen.