At an earnings presentation in Tokyo, CEO Masayoshi Son acknowledged the losses and pledged to start taking a more conservative approach.
“We, SoftBank, should be taking defense,” he said.
Going forward, the Japanese conglomerate will be more selective about which deals to take on, roll out stricter criteria for new investments, and focus on improving returns from its portfolio companies, he added.
But they have since slumped, with shares of each company dropping more than 60% since the start of the year.
“I believe that the market is in confusion,” Son said, citing the impact of the Covid-19 pandemic, Russia’s invasion of Ukraine, rising interest rates, and soaring inflation.
The Nasdaq has shed 27% of its value so far in 2022.
Son also said that the company had been taking a more “careful” view of investments in China, where tech companies have faced a major regulatory crackdown in recent months.
SoftBank shares closed down 8% in Tokyo ahead of its results on Thursday. Overall, its stock is down 17% so far this year.