Japan's Softbank posts surprise $3.3bn loss
Japanese investment giant Softbank Group has reported a surprise net loss of $3.3 billion in the first quarter.
The Japanese firm posted a net loss of 477.6 billion yen in the three months to June, it said in a statement, despite market expectations of a profit.
The company suffered investment losses "due to declines in the share prices of Alibaba, Deutsche Telekom, and T-Mobile US," it said in a statement.
It was also hit by the negative impact of the weaker yen against the greenback.
The firm has made huge bets to find and grow hot new tech ventures around the world, but that has left its earnings vulnerable to market forces.
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