SoftBank saw a net loss of 783 billion yen (roughly US$5.9 billion) for the third quarter of financial year 2022 as its venture funds continued to struggle.
Vision Fund 1 generated US$2.5 billion in losses, while Vision Fund 2 slipped by US$2.2 billion as SoftBank’s portfolio firms slog through the current economic downturn.
In a statement, SoftBank said the increase in fair values from both funds’ public portfolio companies wasn’t enough to offset the losses of its private portfolio firms.
The first Vision Fund’s slight uptick in fair value of investments in public companies was mainly attributed to rise in share prices of Didi, Roivant, and Grab. Other companies such as GoTo and Coupang landed in the red for the quarter.
In May 2022, SoftBank boss Masayoshi Son said the company would cut its startup investments by 50% to 75% as valuations continued to plunge. In September 2022, the firm reportedly planned to slash 30% of its Vision Fund staff globally.
See also: Plotting out SoftBank’s 2023 India roadmap
Currency converted from Japanese yen to US dollar: US$1 = 133.65 yen.
Editing by Thu Huong Le and Dhania Putri Sarahtika
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