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SoftBank reports $13 bn loss amid tech sell-off, cuts startup funding
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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.
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
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₹84.00
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UK Pound
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Euro
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₹92.50
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| Japanese
Yen |
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₹54.40 |
| As on 25 Jul, 2025 |
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