SoftBank Group nine-month net profit down nearly 70%SoftBank's latest results follow a turbulent period for the firm and its CEO Masayoshi SonTOKYO - Major Japanese technology investor SoftBank Group said Wednesday its net profit plunged nearly 70 percent for the nine months to December as investments in share companies such as WeWork and Uber took a hit. Its bottom-line profit lost 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. In the second quarter to September, the group reported an operating loss of 704.4 billion yen, the worst in its history. But it returned to the black for the three months to December, reporting 2.6 billion yen in operating profit, still down from 438.3 billion yen a year earlier.

Source: Bangkok Post February 12, 2020 06:45 UTC