Japan’s SoftBank Reports Record Loss of $23 Billion in 1Q on Tech Slump

Japan’s SoftBank Group Corp. posted a record $23 billion net loss for the three months ending in June, hit by upheaval at its Vision Fund unit after a broad tech sector selloff.

SoftBank suffered losses in the second quarter as its Vision Fund unit had booked a record-breaking $26 billion loss in May amid rising interest rates and political instability wreaked havoc on global markets.

Masayoshi Son, founder and CEO of SoftBank, has already pledged to tighten investment requirements and conserve capital to weather the slump.

He told reporters at a briefing on Monday that “The world is in great confusion” following publication of the most recent results.

SoftBank’s latest quarter ended with a net loss of 3.16 trillion yen ($23.4 billion), the company’s largest loss ever. Comparatively, the prior year’s earnings were 761.5 billion yen.