Softbank Loss | Pixr8 News

Japanese tech company SoftBank Group racked up a loss of 961.6 billion yen (USD 9 billion) for the fiscal year through March, on red ink related to its Vision Fund investments including troubled office space-sharing venture WeWork. SoftBank, founded in 1981, said the drop in share prices around the world from the fallout of the coronavirus pandemic had slammed the value of its sprawling investments. Tokyo-based SoftBank had reported a profit of 1.4 trillion yen the previous fiscal year. Its sales for the fiscal year inched up 1 per cent to 6.2 trillion yen (USD 58 billion). It did not immediately break down quarterly results or give a forecast for the fiscal year through March 2021. On top of WeWork's poor performance, the company suffered damage to the value of Uber and other ho...

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...

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