Softbank earnings: SoftBank group records $ 13 billion in losses due to technology sell-off

Tokyo: Soft bank Group Corp reported on Thursday a net loss of 1.7 trillion yen ($ 13.12 billion) for the year ended March as the tech investor faces a mobile tech portfolio.

The result was compared to a record profit of 4.99 trillion yen a year earlier, when the boost from the listing of the South Korean e-commerce company coupang saw SoftBank’s earnings surpass global heavyweights including Warren Buffett’s Berkshire Hathaway.

Coupang trades 70% below its listing price and is one of several companies in the portfolio, including ridehailers Didi Global Inc Other Grab holdingswhich fell in the January-March quarter.

The crisis casts a shadow on the founder and chief executive officer (CEO) Masayoshi sonThe strategy of strong concentration in high-growth stocks is increasingly out of favor with investors as interest rates rise.

SoftBank’s Vision Fund unit posted an investment loss of 2.97 trillion yen in the January-March quarter, according to Reuters calculations.

The 64-year-old billionaire described SoftBank as a goose that lays golden eggs, but the pace of prices has slowed with one notable recent exception, the Indonesia GoTo, which has been down since it went public last month.

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