SoftBank Group Nine-Month Net Profit Down Nearly 70%
February 12, 2020
5:17 pm
Major Japanese technology investor SoftBank Group said Wednesday its net profit plunged nearly 70 percent for the nine months to December as investments in sharing economy companies including WeWork and Uber took a hit.
Bottom-line profit fell 69.0 percent to 476.6 billion yen ($4.3 billion) for the period, as the firm suffered an operating loss of 13.0 billion yen.
The operating loss was largely “due to a decrease in the fair values of investments including Uber and WeWork and its three affiliates,” the company said in a statement.
The company did not publish its outlook for the year to March …
