Japanese technology company SoftBank Group has reported it racked up a huge loss in the July-September quarter, as some of its investments soured. The Tokyo-based company's chief financial officer, Yoshimitsu Goto, tried to allay investors' worries in reporting a $6.2 billion quarterly loss in the last quarter.
FILE - A pedestrian carries a phone past a SoftBank logo in Tokyo on May 12, 2022. Japanese technology company SoftBank Group Corp. racked up a huge loss in the July-September quarter as some of its investments soured, the company said Thursday, Nov. 9, 2023. TOKYO — Japanese technology company SoftBank Group Corp. racked up a huge loss in the July-September quarter as its technology investments, most notably office-sharing company WeWork, went sour.
SoftBank has a sprawling investment portfolio and tends to have erratic financial results that fluctuate with market trends.which filed for Chapter 11 bankruptcy protection this week amid turmoil in the U.S. commercial real estate market after the pandemic sent vacancies soaring in major cities like New York and San Francisco.
He said WeWork’s troubles were “regrettable.” SoftBank will study what went wrong and try to do better with its future Vision Fund investments, Goto said. Goto gave as an example of a hopeful development the recent IPO on Nasdaq of British semiconductor and software design company Arm, which SoftBank acquired in 2016.
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