Japan’s SoftBank Group on Monday reported a huge net loss of $23.4 billion in the first quarter, after central bank interest rate hikes worldwide caused tech shares to tank.
The telecoms firm that has turned into an investment behemoth posted a net loss of 3.16 trillion yen, nose-diving from a net profit of 761.5 billion yen in the same April-June period the previous year.
A weaker yen and the “global downward trend in share prices due to growing concerns over economic recession driven by inflation and rising interest rates” contributed to the slump, it said.
Read Full Story: https://pakobserver.net/japans-softbank-reports-q1-net-loss-of-23-4b/
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