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.
