Profits

Masayoshi Son ‘ashamed’ of focus on profits after SoftBank logs record $23bn loss

Masayoshi Son ‘ashamed’ of focus on profits after SoftBank logs record $23bn loss

Huge losses at SoftBank’s flagship Vision Funds will force the company to begin “dramatic” cost-cutting after plunging technology valuations and a weak yen drove Masayoshi Son’s embattled conglomerate into a record ¥3.1tn ($23bn) quarterly net loss. In a press conference that Son himself described as “depressing”, he admitted that his famously aggressive global investment strategy …

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