
Japanese investment giant SoftBank has warned of its biggest annual operating loss ever after its tech-focused Vision Fund bled almost $17 billion last fiscal year. SoftBank blamed its poor performance on the “deteriorating market environment” in a shareholder letter published on Monday, albeit without explicitly naming the coronavirus pandemic. [Read: SoftBank wants to buy back 45% of its shares to survive the coronavirus] As a whole, SoftBank expects to report losses of more than $12.5 billion for the fiscal year ending March 31. Last year, SoftBank reported $21.4 billion in profits, as noted by the Financial Times. This would reportedly be…
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