SoftBank posts $13 billion loss for FY22 hit hard by falling tech valuations across the globe

Japan's SoftBank Group, on May 12, reported a net loss of 1.7 trillion yen ($13 billion) for the fiscal year ended March 31 2022, as the Japanese conglomerate's listed portfolio companies were hit hard by falling tech valuations across the globe, with investors pricing in interest rate hikes and China tightening regulations on the industry.

According to sources, SoftBank's Vision Fund investment unit posted a record loss of over 2.97 trillion yen for the Jan-Mar quarter hitting the Japanese investment conglomerate's profits for the year. The Masayoshi Son-led investment firm had reported a net profit of 4.99 trillion yen ($38 billion) for the previous fiscal year.