Article 6297V SoftBank CEO ‘ashamed’ of pride in past profits as record losses prompt cost cuts

SoftBank CEO ‘ashamed’ of pride in past profits as record losses prompt cost cuts

by
Mark Sweney and agency
from World news | The Guardian on (#6297V)

Japanese technology and investment group is seeking to float UK-based chip maker Arm

Softbank has reported a record quarterly loss of 3.1tn yen (19bn)after the global sell-off of tech stocks, prompting the embattled Japanese conglomerate to embark on a big cost-cutting drive.

Masayoshi Son, the chief executive of Softbank, said the company was to launch a dramatic" group-wide cost-cutting drive after a 7tn yen gain in investments made by its Vision Funds were almost completely wiped out over the past six months.

Continue reading...
External Content
Source RSS or Atom Feed
Feed Location http://feeds.theguardian.com/theguardian/world/rss
Feed Title World news | The Guardian
Feed Link https://www.theguardian.com/world
Feed Copyright Guardian News and Media Limited or its affiliated companies. All rights reserved. 2025
Reply 0 comments