SoftBank Group Corp. on Monday reported a record net loss of 3.16 trillion yen ($23.4 billion) in the April-June quarter, the largest quarterly loss ever by a Japanese company, after its Vision Fund sustained hefty losses amid the global market slump.

The result follows a net loss of 2.1 trillion in the three months ended March and is a sharp turnaround from the 761.51 billion yen in profit in the same quarter last year.

Revenue rose 6.3 percent to 1.57 trillion yen in the first quarter of the business year through March 2023, the company said.

SoftBank Group did not release its full-year forecast.

The red ink largely reflects a loss of 2.9 trillion yen from its Vision Fund business, which focuses on investment in startups with growth potential, on the back of fears of a global recession after Russia's invasion of Ukraine drove inflation sharply higher.

The investment giant reported a record net loss of 1.71 trillion yen in the previous business year ended March, the second largest posted by a Japanese firm.

==Kyodo

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