SoftBank reports record $23B quarterly loss as tech downturn hits

SoftBank reports record $23B quarterly loss as tech downturn hits

Japanese technology investor SoftBank Group Corp. on Monday reported a record quarterly loss of more than $23 billion after its Vision Fund investments suffered from the global selloff in technology shares. The April-June loss was about 1 1/2 times the previous record set just three months earlier in the January-March quarter.The weak results reflect the fall in technology shares around the globe recently, sparked by interest-rate increases and China’s crackdown on tech companies. Shares of Uber Technologies Inc.