SoftBank reported a $13bn annual net loss for the year ending March 2022, as compared to an $18bn profit in the prior year. During the quarter, SoftBank reported its its biggest-ever quarterly net loss of $16bn. Contributing to its large losses were its two Vision Fund which reported a loss of $27bn for the year as compared to a profit of $31bn in the prior year. The Vision Fund unit’s AUM, including the Latin American funds, were worth $175.6bn at end-March vs. an acquisition cost of $141.6bn. CEO Masayoshi Son said that the conglomerate may cut its startup investments by more than half in 2022. During the quarter SoftBank said that it invested $2.5bn in the gone by quarter, significantly lower than the double digit $10.4bn, $12.8bn, $20.9bn and $11.3bn that it deployed in the prior four quarters. Several of its tech investments, including two of its biggest holdings namely South Korea’s Coupang Inc and China’s Didi Global that lost $5.4bn and $2.4bn each. The Vision Fund lost money on 32 out of 34 public holdings during the quarter.
SoftBank’s dollar bonds were weaker with its 6% Perp down 1 point to 90.81.