Japan’s SoftBank Group Corp intends to cut at least 30% of staff at its investment arm, Vision Fund, after facing one of the biggest quarterly losses in history. At least 150 out of 500 Vision Fund workers will be affected by the cuts. The Vision Fund, SoftBank’s venture arm, reported a $23 billion quarterly loss in the April–June period of 2022, prompting cost-cutting and a more conservative investment strategy. The share price of the company fell drastically after this announcement.
SoftBank Group’s total number of employees in 2021 was 58,786, which indicates a 27.34% decline over that in 2020. In FY2020, the total number of employees stood at 80,909, which reflects a 5.26% increase over that in 2019. SoftBank is one of the largest examples of companies struggling due to the economic downturn after flourishing in 2021. The company intends to wait out the technology downturn to execute an initial public offering for Arm's the chip designer that SoftBank bought for $32 billion. The Japanese company suffered losses running into billions of dollars in the past two quarters of 2022.
According to GlobalData, the revenue of SoftBank Group is expected to be JPY6,221,534 million in FY2022. In FY2021 the company reported a 7.4% increase in consolidated revenue at JPY5,628,167 million in comparison to JPY5,238,938 million in the corresponding period in 2020. The company’s revenue decreased from FY2018 to FY2020 due to the COVID-19 pandemic.
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