SoftBank sees $16.5 billion full year Vision Fund loss

TOKYO (Reuters) – Softbank Group Corp (9984.T) said on Monday it expects its $100 billion Vision Fund to book a loss of 1.8 trillion yen ($16.5 billion) in the financial year ended March due to the deteriorating performance of its tech bets.

The third consecutive quarter of losses by the Saudi Arabian-backed fund will push the group as a whole to an annual operating loss of 1.35 trillion yen, SoftBank said in a statement – its first loss for 15 years.

The fund’s loss, attributed to “the deteriorating market environment” as markets are hammered by the coronavirus pandemic, is a major blow to SoftBank CEO Masayoshi Son’s attempts to revive his reputation among investors.

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