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Tuesday, May 24, 2022

SoftBank Is Making New Investments at Slower Pace, CEO Says

By Megumi Fujikawa

 

SoftBank Group Corp. is making new investments at a slower pace as the Japanese technology investor has shifted to a more protective strategy, Chief Executive Masayoshi Son said Thursday.

“In this chaotic world, the approach we should take is defense,” Mr. Son said. The company is choosing new investments with stricter due diligence, he added.

Earlier Thursday, SoftBank reported a net loss of Y1.71 trillion ($13.16 billion) for the year ended March 31, the biggest annual loss in its four-decade history, because of the global selloff in technology shares.

 

Write to Megumi Fujikawa at megumi.fujikawa@wsj.com

 

(END) Dow Jones Newswires

May 12, 2022 05:22 ET (09:22 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

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