Japanese tech giant SoftBank posted a $23.4 billion loss in the first quarter, April through June, on inflation worries, the Associated Press reported.
SoftBank’s loss of 3.16 trillion yen compared to its 762 billion yen profit in the same quarter a year earlier, according to the Associated Press, with the company reporting quarterly sales up 6%.
SoftBank posted a loss of 1.7 trillion yen ($13 billion) for the fiscal year ended March, compared to a profit of 4.9 trillion yen the previous year, with annual sales up 10.5% to 6. 2 trillion yen ($46 billion). at the Associated Press.
The Associated Press noted that while SoftBank’s portfolio is not directly related to the war in Ukraine, the company warned that global uncertainty plus inflation and rising energy prices would likely hurt its earnings.