(Boursier.com) — Soft Bank continues to post impressive losses. The Japanese conglomerate thus suffered an unprecedented net deficit of 23 billion euros in the second quarter, weighed down by a loss of 2.330 billion yen from its investment vehicle Vision Fund after a then record loss of 2.200 billion Y in the previous quarter. The Japanese giant continues to suffer from the drop in technology stocks in connection with the rise in interest rates.
Asked what lessons he learned from the experience, Masayoshi Son, Founder and Chief Executive Officer of SoftBank, said, “The loss is the largest in our company’s history and we take it very seriously. There are too many (note: lessons to be learned) to count. The world’s largest tech fund has significant stakes in hundreds of unlisted startups. But falling tech valuations have exhausted SoftBank’s ability to take its companies public and boost its cash to fuel new big bets.
“For the SoftBank vision fund, we know we need to significantly reduce operational costs,” the executive said. “Our vision remains the same, our beliefs remain the same. But we know that we have to reduce operational costs, including headcount. For new investments, we have to be more selective.”
SoftBank, which holds stakes in Uber, Coupang and DoorDash was also penalized by an exchange loss of 820 billion yen due to the weakness of the yen.
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