After a difficult year for the digital startup industry, in which SoftBank Group is significantly involved, the company on Thursday disclosed an annual net loss of more than $7.2 billion.
On sales of 6.57 trillion yen, the corporation reported a net loss of 970 billion yen ($7.2 billion), which included significant losses from its Vision Fund holdings.
According to a statement from SoftBank Group, the global IT downturn affected the Vision Fund 1 and 2 vehicles.
The group’s investment in Chinese tech giant Alibaba was cut, though, which lessened the severity of the loss.
Despite certain firms’ share prices increasing in the fourth quarter, many public portfolio companies’ share prices decreased for the fiscal year due to the weakening of the global stock markets, according to SoftBank.