SoftBank reported a quarterly loss on Monday, as its Vision Fund unit was hit by a $10 billion loss due to a drop in the share price of its portfolio companies, as well as China's regulatory crackdown on tech companies. Even as the value of its assets declines, the Japanese tech conglomerate claims its stock is undervalued and plans to buy back nearly 15% of its stock for up to JPY 1 trillion. While SoftBank CEO Masayoshi Son has compared the company to a goose that lays "golden eggs," Monday's results highlight the investment industry's challenges. "We're in the middle of a blizzard," Son said at a press conference, adding that the Vision Fund's performance in the quarter was "not proud."
Nonetheless, he stated that the company was making steady progress toward doubling the number of "golden eggs" compared to the previous year. The group's most valuable asset, Alibaba, a Chinese e-commerce company, saw its value...