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SoftBank posts $23.4 billion quarterly loss, owing to downturn in global economy
source link: https://nextbigwhat.com/softbank-posts-23-4-billion-quarterly-loss-owing-to-downturn-in-global-economy/
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- SoftBank has reported a consolidated loss of 3.16 trillion yen ($23.37 billion) for the first quarter ended June 30 for FY23 as compared to a profit of 761.5 billion yen in the same period a year ago.
- SoftBank attributed this record loss to lowered value of its investments in companies due to the growing concerns over economic recession driven by inflation and rising interest rates.
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