SoftBank reports $13 billion annual loss after tech stock slide

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TOKYO—Japanese technology investor SoftBank Group Corp. on Thursday reported the biggest annual loss in its four-decade history because of the global selloff in technology shares.

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SoftBank 9984,
-8.03%,
known for its $100 billion Vision Fund, reported a net loss of 1.71 trillion, equivalent to $13.2 billion, for the year that ended March 31. That was its biggest full-year loss, topping a record set two years ago, and followed a nearly 5 trillion net profit the previous fiscal year.

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The company’s results tend to swing widely because they follow the volatile movements of the technology shares in which SoftBank has invested, including US companies such as Uber Technologies Inc. and DoorDash Inc.

Interest-rate increases by the Federal Reserve and other central banks, as well as tighter Chinese government regulations on the tech industry, have weighed on valuations of high-growth tech stocks.

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An expanded version of this story is available at WSJ.com

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Credit: www.marketwatch.com /

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