Softbank posted a record loss of €23 billion. The tech investor wants to buy back a large amount of shares in response.
Softbank, like other tech companies, is experiencing the consequences of a stagnant tech market. Softbank saw a slight revenue increase of 0.4 percent in its first fiscal quarter of 2022. The company posted a whopping loss of €23 billion converted, more than the same period in fiscal 2021.
Losses from investments
According to Bloomberg, the tech giant’s losses are mainly due to investments in other tech companies, such as SenseTime and Coupang. Softbank sold its shares in Uber in the last quarter.
Softbank wants to buy back €2.9 billion of its own shares in response to the loss. This should strengthen Softbank’s share position. Softbank already announced the intent to invest in its own shares near the end of November 2021.