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

Investing.com – Softbank Group Corp. (T:) 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%.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.