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8/8, 8:04 AM (Source: TeleTrader)
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SoftBank sees major Q1 net loss, announces layoffs

Japanese investment conglomerate SoftBank Group Corp. announced on Monday the earnings results for its first fiscal quarter of the year, revealing a higher than expected net loss of ¥3.1 trillion (~$23 billion). The company's net sales expanded by 6.3% to ¥1.57 trillion in the trimester ending June 30, with a diluted loss per share of ¥1,950.29 ($14.40).

The conglomerate also unveiled a ¥2.92 trillion ($21.6 billion) investment loss at SoftBank Vision Funds, one of the highest in the company's history, citing the global downward trend prompted by recession fears, soaring inflation, and rising interest rates. Commenting on the results, Chief Executive Masayoshi Son announced "significant cost reductions," including layoffs.

SoftBank's share repurchase totaled ¥293.5 billion ($2.17 billion) in the first quarter, reaching ¥638.1 billion out of the ¥1 trillion target announced last year.

Baha Breaking News (BBN) / ND