SoftBank Group Corp plunged on Wednesday to a quarterly loss that was far larger...
TOKYO - SoftBank Group Corp plunged on Wednesday to a quarterly loss that was far larger than analysts’ estimates, hit by the falling valuations of some of its biggest tech bets such as WeWork and Uber Technologies.
The loss compared with an operating loss of 48 billion yen forecast on average by four analysts, according to Refinitiv. The Saudi Arabia-backed Vision Fund, which is run by ex-Deutsche Bank banker Rajeev Misra, has invested $70.7 billion in 88 companies at the end of September. Those investments are now worth $77.6 billion excluding exits, it said.
The value of most of the fund’s listed investments, including Uber, Slack Technologies and Guardant Health fell over the quarter.
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