SoftBank Group reports surprise $5.9 bn third-quarter loss

Japan’s SoftBank Group reported a surprise 783 billion yen ($5.9 billion) net loss in the third quarter, as a slump in the tech sector hits the investment behemoth’s bottom line.

The firm’s two Vision Fund investment vehicles alone lost 660 billion yen ($5 billion) in the three months to December, “reflecting declines in the share prices of a wide range of portfolio companies,” SoftBank said.

SoftBank Group has made huge bets to find and grow hot new tech ventures around the world.

But its exposure to so many tech firms has left its earnings vulnerable to fickle market forces, and its two Vision Funds have reported losses for four straight quarters.