SME Times is powered by   
Search News
Just in:   • Tesla all set to drive into India market with first showroom in Mumbai  • Indian mining and construction industry sees 2-5 pc growth in Q1: Report  • Sensex, Nifty open higher amid positive domestic cues  • TN yarn manufacturers form association to revive struggling sector amid rising costs  • Committed to nurture next-gen innovation in 6G technology: Jyotiraditya Scindia 
Last updated: 12 May, 2022  

bank-THMB.jpg SoftBank reports $13 bn loss amid tech sell-off, cuts startup funding

Bank Logo generic
   Top Stories
» Tesla all set to drive into India market with first showroom in Mumbai
» Sensex, Nifty open higher amid positive domestic cues
» TN yarn manufacturers form association to revive struggling sector amid rising costs
» Committed to nurture next-gen innovation in 6G technology: Jyotiraditya Scindia
» Piyush Goyal holds talks with Malaysian minister on review of ASEAN trade pact
SME Times News Bureau | 12 May, 2022
Japanese investment giant SoftBank on Thursday reported a huge net loss of 1.708 trillion yen ($13.14 billion) for the year ending March 31, saying that it would be forced to cut startup funding by more than half this year.

The conglomerate also reported its biggest-ever quarterly net loss, 2.1 trillion yen ($16.2 billion) for the January-March quarter, reports Nikkei Asia.

SoftBank also reported a historic $27 billion loss to its Vision Funds for the full year, owing to heavy losses in investments in tech companies like Coupang and Didi Global.

SoftBank invested $2.5 billion in the January-March quarter, considerably lower than $10.4 billion it spent in the previous quarter.

When it comes to startups, Softbank invested more than $46 billion in startups last fiscal year.

SoftBank CEO Masayoshi Son said that compared to last year, "the amount of new investments (in startups) will be half or could be as small as a quarter".

The company's shares tumbled 8 per cent on Thursday ahead of the results, its lowest in nearly two months.

"Other poor performers included Singaporean ride-hailing company Grab, US food delivery firm DoorDash and Indian payments group Paytm, which together lost close to $5 billion over the quarter, according to Redex Research analyst Kirk Boodry's estimates," reported the Financial Times.

"The investment environment remains challenging, dominated by fast-rising inflation, increasingly complex geopolitical risk and a global energy shock," SoftBank said.

SoftBank's $100 billion Vision Fund was launched in 2017 and is backed by Saudi Arabia and Abu Dhabi.

 
Print the Page
Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
84.35
82.60
UK Pound
106.35
102.90
Euro
92.50
89.35
Japanese Yen 55.05 53.40
As on 12 Oct, 2024
  Daily Poll
Do you think Indian businesses will be negatively affected by Trump's America First Policy?
 Yes
 No
 Can't Say
  Commented Stories
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter