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Japan tech giant SoftBank posts $23 billion quarterly loss


AP Business Writer

TOKYO (AP) — Japanese technology company SoftBank Group posted a $23 billion loss in the April-June quarter as the value of its investments sank amid global worries about inflation and interest rates. SoftBank Group’s loss of 3.16 trillion yen was a reversal from its 762 billion yen profit in the same quarter a year earlier. The company said Monday that quarterly sales rose 6%. Although Softbank’s portfolio is not directly exposed to the war in Ukraine, the company warned that global uncertainty as well as inflation and soaring energy costs hurt profitability. Foreign exchange losses also bit into its earnings. Chief Executive Masayoshi Son apologized and acknowledged “things are really bad.”

Article Topic Follows: AP National

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