Softbank Group Corp. (T:9984) reported a whopping 704.4 billion yen ($6.5 billion) operating loss in the three months ended September 30, its first quarterly loss in 14 years.
SoftBank’s signature Vision Fund, the world’s single largest pool of startup investments, reported a 970.3 billion yen loss in the quarter.
Writedowns in WeWork and Uber Technologies were cited as the major component of the operating losses. The Japanese conglomerate swallowed a charge of 497.7 billion yen for the WeWork fiasco, according to a statement released on Wednesday.
A unique income strategy allows you to profit regardless if the market goes up, down or sideways…as high as 92.7% accuracy & puts money into your account as soon as you place the trade!
These unique ‘Income Trades’ have limited risk and they typically play out in a few days.
“There was a problem with my own judgment, that’s something I have to reflect on,” said Masayoshi Son, the company’s chairman.
SoftBank’s shares are down almost 30% from this year’s high in April. They plunged as much as 4.2% on Thursday morning but clawed back some of the losses later on. The shares last traded at 4,300 yen by 10:45 PM ET (02:45 GMT), down 0.5%.
I hope this information is useful.