(Bloomberg) -- SoftBank Group Corp. said it will buy back up to 400 billion yen of its own shares, seeking to give its stock support after it reported a record 3.16 trillion yen ($23.4 billion) net loss.
The Japanese conglomerate has increasingly turned to repurchasing its own shares after suffering declines in the value of its investments. The company last said in November that it would buy back up to 1 trillion yen of its shares.
Founder Masayoshi Son has struggled as the global tech market hit a sharp downturn, forcing him to write down the value of companies in his portfolio. The company recorded losses due to key public holdings like Uber Technologies Inc., SenseTime Group Ltd. and Coupang Inc. SoftBank exited its position in Uber in last quarter.
Son’s defensive turn has protected its stock, with shares up about 5% this year.
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