SoftBank Group Forecasts USD 7bn Net Loss in 2019 Financial Year
Japanese conglomerate SoftBank Group forecast a USD 7-billion net loss for the year ended March due to the negative impact of coronavirus and losses related to WeWork.
The group led by Masayoshi Son said in a press release, "It also expected to suffer an operating loss of 1.35 trillion yen or USD 12.5 billion."
The firm cited a 1.8 trillion yen loss at its SoftBank Vision Fund, blaming "the deteriorating market environment" in the wake of the global coronavirus pandemic.
As well as killing more than 100,000 people globally, the virus has tipped the world into what many predict will be a Great Depression, and markets have been in free-fall, battering the group's investments.
Under Son's leadership SoftBank Group has morphed into an investment and technology firm, and its $100-b...