- विज्ञापन -
Tokyo: SoftBank Group posted an unexpected 931 billion yen ($6.2 billion) net loss in the second quarter, compounding the pain for shareholders and founder Masayoshi Son after one of the group’s biggest bets, WeWork, filed for bankruptcy earlier this week, a media report said.
It was the fourth consecutive quarter in the red for the Japanese conglomerate, as gains from the initial public offering of chip designer Arm failed to offset pain from the weak yen and worse than expected writedowns in private market valuations in the three-month period ending September, Financial Times reported.
Analysts had expected a net profit of 180.8 billion yen, according to S&P Capital IQ. The group had made 3 trillion yen in net profit in the same quarter last year after selling a stake in Chinese e-commerce group Alibaba, the report said.
“It was a disappointing quarter. We didn’t expect them to take impairment charges for private investments and at a higher rate than the last quarter,” said Kirk Boodry, a SoftBank analyst at Astris Advisory in Tokyo, highlighting $2.9 billion of writedowns in the private portfolio at the group’s flagship Vision Funds, Financial Times reported.
