Home Business NewsBusiness SoftBank slumps to loss after 14 years

SoftBank slumps to loss after 14 years

by LLB Editor
6th Nov 19 7:56 am

Earnings at Japan’s Softbank have tumbled following losses tied to investments in some of its biggest tech bets including WeWork and Uber.

The investment giant posted an operating loss of 704bn yen (£5bn) for the three months to September.

The result was far worse than the 48bn yen loss forecast by analysts.

The firm’s first quarterly loss in 14 years comes after writing down the value of high-profile tech investments.

The company is led by Masayoshi Son, a Japanese entrepreneur is known to have an eye for firms with big potential.

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