Titanium Media App reported on August 8 that Masayoshi Son, founder of Japan’s SoftBank Group, said that he plans to implement comprehensive cost-cutting measures for the group and its Vision Fund. Son said that he was responsible for the decision to buy startups at the top of the market, while promising to cut spending to get back on track. "All options to cut spending will be evaluated, and no one is an exception." It is reported that SoftBank will scrutinize senior and junior-level employees in front and back offices to an "unprecedented" level. SoftBank, which reported first-quarter earnings earlier today, lost more than $23 billion in the three months to June, as its Vision Fund investments were hit hard by a global tech sell-off. SoftBank reported a record net loss of 3.16 trillion yen ($23.4 billion) for the quarter ended June 30. This compares with a net loss of 2.1 trillion yen from January to March this year. For the full fiscal year ended March 31, SoftBank reported a record loss of 1.71 trillion yen.
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- 2022-08-08SoftBank Group records record losses, Masayoshi Son promises to cut expenses across the board
- 2022-08-08SoftBank loses about $23.4 billion in the first quarter
- 2022-05-12SoftBank encounters a historic dilemma: the Vision Fund is now experiencing a huge loss of $27 billion and will slow down investment
- 2022-01-30Masayoshi Son’s successor leaves one after another, SoftBank’s global expansion slows down
- 2021-06-23 SoftBank shareholders meeting opens, Masayoshi Son said he may still repurchase shares
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