SoftBank posts record quarterly loss of $23 billion

SoftBank Group Corp has posted a $23 billion quarterly net loss, its biggest ever.

SoftBank incurred the record loss as its Vision Fund unit took a hit from a market sell-off that upended tech stocks.

In the April-June quarter, Vision Fund posted a record $26 billion loss in May battered by rising interest rates and political instability.

SoftBank founder and CEO Masayoshi Son has already pledged to tighten investing criteria and preserve cash to ride out the downturn.

SoftBank has also authorised a share repurchase programme worth up to 400 billion yen, something that could assuage investors.

Overall, Vision Fund pushed SoftBank to a 3.16 trillion yen ($23.4 billion) net loss in the latest quarter – its largest loss ever.

The Vision Fund unit saw a $23.1 billion hit in value.

To raise cash, SoftBank has exited companies including ridehailer Uber Technologies and home-selling platform Opendoor Technologies for a total gain of $5.6 billion.

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