TOKYO—Japanese technology company SoftBank Group posted a $23.4 billion loss in the April–June quarter as the value of its investments sank amid global worries about inflation and interest rates.
SoftBank Group Corp.’s loss of 3.16 trillion yen was a reversal from its 762 billion yen profit in the same quarter a year earlier. Quarterly sales rose 6 percent to 1.57 trillion yen ($11.6 billion).
“I must humbly and honestly acknowledge that things are really bad,” a somber Chief Executive Masayoshi Son told reporters Monday. “I must face up to this.”
Losses for the last six months totaled about 5 trillion yen ($37 billion), and the latest red ink was the worst quarterly loss since the company’s founding, he said….