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SoftBank Tumbles After Record Profit Fails to Impress

  • Market value drops by more than $55 billion over three days
  • SoftBank reported the highest profit ever for Japanese firm
SoftBank Group Corp. Chairman and Chief Executive Officer Masayoshi Son.

SoftBank Group Corp. Chairman and Chief Executive Officer Masayoshi Son.

Photographer: Tomohiro Ohsumi/Bloomberg

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SoftBank Group Corp. plunged by the most since the early days of the coronavirus pandemic after the Japanese company declined to pledge a continuation of buybacks that have propped up its stock.

Shares tumbled as much as 8.7% on Thursday, the most on an intraday basis since March of 2020, despite record profit in the March quarter. The company has lost more than 6 trillion yen ($55 billion) in market value in the past three days. Investors are skittish about whether SoftBank will keep buying back its own stock after completing a 2.5 trillion yen allotment for repurchases.