Huge Loss at Telecommunications Company SoftBank

SoftBank Group, a publicly traded telecommunications company headquartered in Tokyo, Japan, posted a net loss of 1.71 trillion yen (about $13 billion) in fiscal year 2021. With this figure, SoftBank became the second company in Japan to report the largest net loss to date.

A major loss statement came from SoftBank, which provides services in the energy, finance and communications sectors in Japan. With the net loss recorded in its 2021 fiscal year comprehensive balance sheet, the company was recorded as the second company to post the largest net loss since. According to the statements, SoftBank suffered a net loss of 1.71 trillion yen ($13 billion) in the fiscal year ended March. Despite this, SoftBank posted a net profit of close to 5 trillion yen in the previous fiscal year. It was stated that this situation, which was described as "snapping on the nose" by experts, emerged as a result of the low job performance of the economic environment caused by the pandemic. The CEO of the company, Masayoshi Son, stated that he will recover this situation by "raising the standards of new investments and maintaining liquidity" in his evaluation at the press conference he attended. SoftBank's loss was the second-largest net loss recorded by a Japanese firm. In Japan, the last time Mizuho Financial Group reported a net loss of 2.38 trillion yen in March 2003.