SoftBank posts losses of $17 billion at subsidiary Vision Fund

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SoftBank (TYO:9984Group Corp on Monday announced a loss of 2.33 trillion yen ($17.23 billion) at its subsidiary Vision Fund in the April-June quarter, due to the fall in the value of its technology portfolio.

SoftBank had posted a record loss at Vision Fund in May, as market turbulence driven by rising interest rates and monetary policy instability weighed on the tech investor.

The decline in the group’s portfolio led to a net loss of 3.16 trillion yen in the last quarter. This compares with a profit of 761.5 billion yen in the same period a year earlier.

SoftBank founder and CEO Masayoshi Son, who will speak at a briefing on the results starting at 4:30 p.m. (0730 GMT), has promised to tighten investment criteria and preserve cash to weather the storm.

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