SoftBank Group reports massive $5.9 billion net loss amid global tech meltdown

There is no respite for SoftBank Group in the ongoing global tech meltdown as the Japanese investment giant reported a massive around $5.9 billion net loss in its third quarter that ended December 31.

SoftBank said it lost around $5.5 billion in its signature Vision Funds alone in the October-December period, “reflecting declines in the share prices of a wide range of portfolio companies”.

The investment giant had lost $10 billion in the previous quarter (July-September 2022).