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SoftBank

SoftBank's Son turns defensive in face of record $16bn loss

Group vows to scale back new investments after tech sell-off hits its portfolio

The loss marks a dramatic swing in fortunes from a year earlier, when the company posted a 1.9 trillion yen quarterly profit. (Screenshot from SoftBank's YouTube)

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.

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