Investing.com - Softbank Group Corp. (T:9984) reported a whopping 704.4 billion yen (.5 billion) operating loss in the three months ended September 30, its first quarterly loss in 14 years.
SoftBank’s signature Vision Fund, the world’s single largest pool of startup investments, reported a 970.3 billion yen loss in the quarter.
Writedowns in WeWork and Uber Technologies were cited as the major component of the operating losses. The Japanese conglomerate swallowed a charge of 497.7 billion yen for the WeWork fiasco, according to a statement released on Wednesday.
“There was a problem with my own judgment, that’s something I have to reflect on,” said Masayoshi Son, the company’s chairman.
SoftBank’s shares are down almost 30% from this year’s high in April. They plunged as much as 4.2% on Thursday morning but clawed back some of the losses later on. The shares last traded at 4,300 yen by 10:45 PM ET (02:45 GMT), down 0.5%.