Japanese technology company SoftBank Group has reported it racked up a huge loss in the July-September quarter, as some of its investments soured.
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. – 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.
SoftBank’s financial damage related to WeWork in the July-September quarter totaled 234 billion yen , according to the company, which was the first telecoms operator to bring the iPhone to Japan. The listing did not directly affect SoftBank’s earnings results, but a gain of $47 billion was recorded as a capital surplus.
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