SoftBank Reports $23 Billion Quarterly Loss as Tech Downturn Hits

The weak results reflect the fall in technology shares around the globe recently, sparked by interest-rate increases and China’s crackdown on tech companies.

Shares of

Uber

Technologies Inc. and

DoorDash Inc.,

two U.S. companies in which SoftBank has invested, fell more than 40% during the April-June quarter.

In the three months to June, SoftBank reported a business loss of ¥2.33 trillion, equivalent to $17.2 billion, for its Vision Fund 1, Vision Fund 2 and others. The Vision Fund 2 is currently SoftBank’s main vehicle for investing in tech companies.

SoftBank rushed to plow its money into tech startups last year, seeing new opportunities in businesses such as finance and health that were changing in the pandemic era. Chief Executive

Masayoshi Son

and his team invested $38 billion from SoftBank’s Vision Fund 2 into 183 companies last year, according to SoftBank’s filings.

In May, as the losses from those investments began to emerge, Mr. Son said he was switching to a defensive policy and taking more care in investing new money.

SoftBank’s shares have been steady recently and rose 0.7% on Monday in Tokyo trading, which ended before the release of the results.

Write to Megumi Fujikawa at megumi.fujikawa@wsj.com