JAPAN TECH GIANT SOFTBANK POSTS $23 BILLION QUARTERLY LOSS

Japanese technology company SoftBank Group posted a $23.4 billion loss in the April-June quarter as the value of its investments sank amid global worries about inflation and interest rates. SoftBank Group Corp.’s loss of 3.16 trillion yen was a reversal from its 762 billion yen profit in the same quarter a year earlier. Quarterly sales rose 6% to 1.57 trillion yen ($11.6 billion). “I must humbly and honestly acknowledge that things are really bad,” a somber Chief Executive Masayoshi Son told reporters. “I must face up to this.” Losses for the last six months totaled about 5 trillion yen ($37 billion), and the latest red ink was the worst quarterly loss since the company’s founding, he said. For the fiscal year that ended in March, Softbank racked up losses of 1.7 trillion yen ($13…

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AppleMagazine (Digital) - 1 Issue, #563

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