Japan tech giant SoftBank posts 23 billion dollar quarterly loss

People walk by a SoftBank shop on Monday, Aug. 8, 2022, in Tokyo. Japanese technology company SoftBank Group sank into losses for the first fiscal quarter as the value of its investments declined amid global worries about inflation and interest rates. (AP Photo/Eugene Hoshiko)

Japanese technology company SoftBank Group posted a 23.4 billion dollar (£19.2 billion) loss in the April-June quarter as the value of its investments sank amid global worries about inflation and interest rates.

SoftBank Group’s loss of 3.16 trillion yen was a reversal from its 762 billion yen (£4.6 billion) profit in the same quarter a year earlier.