Japan’s SoftBank reports Q1 net loss of $23.4b

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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

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