SoftBank ended the quarter with a net loss of $6.2 billion – Kommersant
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SoftBank Group posted a loss for the fourth quarter in a row. As follows from financial report company, SoftBank ended the third quarter of the year with a net loss of $6.2 billion. A year earlier, the company made a profit of $20 billion, largely due to the then sale of stakes in Alibaba, T-Mobile and Uber.
SoftBank’s loss was driven primarily by failed investments in the technology sector, including losses from an investment in co-working service WeWork, which filed for bankruptcy this week. bankruptcy. Over the entire period, SoftBank’s losses from investments in this company have already reached $14.3 billion. In the third quarter, the Japanese holding earned $2.4 billion from the sale of shares of the British microchip manufacturer Arm, which spent IPO in September. However, this sale is not reflected in the consolidated statements. It only follows that the Vision Fund ended the quarter with a loss of $1.7 billion, and the company’s other smaller funds with a total loss of another $2 billion.
During the reporting quarter, SoftBank invested $1.5 billion in other companies, which is $300 million less than in the previous quarter of the year.
SoftBank shares dropped by 3.5% at the end of trading.
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