TOKYO -- SoftBank Group Chairman and CEO Masayoshi Son on Thursday laid out a defensive strategy to help the company weather its biggest-ever quarterly loss, vowing to scale back new investments in the face of a sell-off in tech stocks.
The Japanese investment group reported a net loss of 2.1 trillion yen ($16.2 billion) for the January-March quarter, as a flight from technology stocks dented the valuations of its global portfolio. The loss marks a dramatic swing in fortunes from a year earlier, when the company posted a 1.9 trillion yen quarterly profit.
