SoftBank reports record $27.5 billion loss on crashing tech stocks | CNN Business

The world’s biggest tech investor said Thursday that its Vision Funds had recorded a loss of 3.5 trillion yen ($27.5 billion) in the year ended March. That was a significant reversal from the unit’s performance from last year, when it had logged a healthy profit.At an earnings presentation in Tokyo, CEO Masayoshi Son acknowledged the losses and pledged to start taking a more conservative approach.”We, SoftBank, should be taking defense,” he said.Going forward, the Japanese conglomerate will be more selective about which deals to take on, roll out stricter criteria for new investments, and focus on improving returns from its portfolio companies, he added.SoftBank’s portfolio companies include South Korean

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SoftBank reports record $27.5 billion loss on crashing tech stocks | CNN Business

The world's biggest tech investor said Thursday that its Vision Funds had recorded a loss of 3.5 trillion yen ($27.5 billion) in the year...