SoftBank Group logs $7.2 billion full-year loss on tech woes

Home Business and Economy BUSINESS AND ECONOMY SoftBank Group logs $7.2 billion full-year loss on tech woes Thursday, May 11, 2023 at 9:12 AM by © AFP 2022 SoftBank Group reported an annual net loss of over $7.2 billion. Photo: Yuichi YAMAZAKI / AFP Source: AFP PAY ATTENTION: Donate to Legit Charity on Patreon. Your support matters! SoftBank Group reported an annual net loss of over $7.2 billion on Thursday after a bruising year for the tech startup sector in which it is heavily invested. The company said its annual net loss came to 970 billion yen ($7.2 billion) on sales of 6.57 trillion yen, reflecting in part major losses from its Vision Fund portfolios. Ads by The Vision Fund 1 and 2 (VF1, VF2) vehicles were hit by the global tech rout, SoftBank Group said in a statement. But the depth of the group’s loss was reduced by unwinding its stake in Chinese tech giant Alibaba. “Share prices of numerous public portfolio companies declined for the fiscal year amid the weakness in global stock markets, although share prices of several companies rose in the fourth quarter,” SoftBank said.