TOKYO, Feb 7 — Japan’s SoftBank Group reported a surprise ¥783 billion (US$5.9 billion or RM25.5 billion) net loss in the third quarter, as a slump in the tech sector hits the...
TOKYO, Feb 7 — Japan’s SoftBank Group reported a surprise ¥783 billion net loss in the third quarter, as a slump in the tech sector hits the investment behemoth’s bottom line.
Interest rate hikes by the US Federal Reserve and other central banks to tackle inflation have weighed on global tech shares, putting pressure on SoftBank. Its second quarter earnings were boosted by the sale of some of its shares in Alibaba, which reduced its stake in the Chinese tech giant to around 15 per cent from 24 per cent.
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