SoftBank Groups' Shares Drop After Reporting $6.5B Quarterly Loss By Investing.com

SoftBank Groups' Shares Drop After Reporting $6.5B Quarterly Loss

Stock Markets Nov 06, 2019 10:47PM ET

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SoftBank Groups' Shares Drop After Reporting $6.5B Quarterly Loss

Investing.com - 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.

“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%.

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