Japanese multinational conglomerate SoftBank Group Corp. has reported its fourth consecutive quarter of losses as its Vision Fund continues to struggle amid the tech industry slump.
SoftBank CEO Masayoshi Son will not be present at the company’s earnings call to discuss the losses, which totaled $5.5 billion in investments.
The Vision Fund, which is backed by the Japanese giant and Saudi Arabia’s Public Investment Fund, has been hit hard by the tech industry downturn as its investments in companies such as WeWork and Uber have failed to pay off.
SoftBank’s losses for the quarter totaled nearly $6 billion, a significant increase from the $4.6 billion it reported in the previous quarter.
The losses have raised questions about SoftBank’s strategy of investing in tech startups, and whether it will be able to weather the current tech slump.
The losses have also put pressure on SoftBank to scale back its investments in tech startups, as the company looks to protect its balance sheet.
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