Japan's SoftBank Group Corp reported an annual net loss of 970 billion yen ($7.18 billion) for the year ended March 31, with the Vision Fund unit posting a quarterly investment loss due to weakness in tech valuations.
The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. REUTERS/Issei Kato/File PhotoSoftBank aims to list Arm to bolster balance sheetreported an annual net loss of 970 billion yen for the year ended March 31, with the Vision Fund unit posting a quarterly investment loss due to weakness in tech valuations.
CEO Masayoshi Son's attempt to bestride the tech investing industry has suffered a series of high-profile reversals after outsized bets through SoftBank's first Vision Fund turned sour and investments made at bubbly valuations via a smaller second fund slumped. With key architects of that strategy having left, Son has focused on shoring up the balance sheet, cutting his stake in e-commerce giant Alibaba Group Holding LtdOver the January-March quarter the fair value of the Vision Fund unit's portfolio was marked down by $2.3 billion to $138 billion.
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