SoftBank CEO pledges sweeping cost cuts after $23.4 billion loss

SoftBank Group’s Masayoshi Son said he plans widespread cost cutting at his Japanese conglomerate and its Vision Fund investment arm after a record ¥3.16 trillion ($23.4 billion) loss on plunging portfolio valuations and foreign currency losses.

The Vision Fund segment posted a loss of ¥2.33 trillion in the three months ended June 30 following a then-record ¥2.2 trillion loss in the previous quarter. SoftBank also reported a ¥820 billion foreign exchange loss because of the weaker yen.

SoftBank Group said it swung to a net loss of ¥3.16 trillion in the April to June quarter, as its Vision Funds sustained hefty losses from investment in startup shares. | AFP-JIJI

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Original News Source: Bloomberg - The Japan Times #akonikk