Japan’s SoftBank Group on Monday reported a huge net loss of $23.4 billion in the first quarter, after central bank interest rate hikes worldwide caused tech shares to tank.
The telecoms firm that has turned into an investment behemoth posted a net loss of 3.16 trillion yen, nose-diving from a net profit of 761.5 billion yen in the same April-June period the previous year.
A weaker yen and the “global downward trend in share prices due to growing concerns over economic recession driven by inflation and rising interest rates” contributed to the slump, it said.—AFP
