Softbank Puts $9 Billion Losses as Vision Fund Investments Plunge
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...