SoftBank faces tech stock weakness at Q2 earnings; logs $50 bn in losses - Qoneqt
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    07-Nov-2022 10:17 AM

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    SoftBank faces tech stock weakness at Q2 earnings; logs $50 bn in losses

    SoftBank Group Corp is expected to face further weakness in tech stocks when it reports second-quarter earnings on Friday, after two brutal quarters that have shaken Masayoshi Son's tech conglomerate.
    The Vision Fund investing arm booked $50 billion in losses in the six months to end-June as valuations slid.
    SoftBank's portfolio also remains exposed to China, with companies including ridehailer Didi falling further during the second quarter.
    Vision Fund's Chief Financial Officer Navneet Govil will also take the stage.
    The Philadelphia SE Semiconductor Index is down about 40% year-to-date, with industry players such as TSMC and SK Hynix cautious on chip demand.
    The conglomerate has been repurchasing its shares.
    Source: BusinessToday
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