SoftBank Turns Big Seller After Tech Rout

There is nothing like losing billions of dollars to focus the mind. Japan’s SoftBank—the prolific buyer of tech companies—has been a seller of late as it plays defense in a more treacherous market.

The Japanese technology investor reported $7.2 billion of net losses for the fiscal year ended March, around half the level of losses of the previous year. But the result was helped by $32 billion in one-off gains from selling down its stake in Chinese e-commerce giant Alibaba in the year. Its holding in Alibaba—adjusted for financing backed by the asset—is now worth only around $5 billion, compared with $39 billion a year earlier.