Loss of 2.93 trillion. yen ($21.68 billion) SoftBank’s Vision Fund investment unit recorded for the April-June quarter, with the portfolio’s slide pushing it to a net loss of 3.16 trillion yen. yen ($23.3 billion) to the Group, compared with profits of 761.5 billion yen in the same period last year.
SoftBank announced that it recorded a loss of ¥296 billion on the value of the Vision Fund’s private investments. Analysts said the declines in private assets were unlikely to reflect the extent of current market weakness. The Vision Fund has been hit hard by tech stocks from rising interest rates.
This was the second biggest quarterly loss for the Vision Fund.
Falling initial public offering volumes and market skepticism toward money-losing startups have squeezed an important source of capital for SoftBank, which hopes to take chipmaker Arm public after its sale to Nvidia collapsed .
SoftBank founder and CEO Masayoshi Son, who will report to investors later in the day on the Group’s results, has pledged to tighten investment criteria and maintain cash volumes to counter the recession.
Source: Capital
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