SoftBank Sinks 12% After Loss and No New Buyback Program
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SoftBank Group Corp. shares plunged as much as 12% Monday in its biggest intraday drop since the outbreak of the pandemic in early 2020, after the company failed to announce a widely-expected stock buyback.
The company’s core Vision Fund segment posted a $7.2 billion loss in the July-September quarter, following a record 2.33 trillion yen ($17 billion) loss in the preceding period, as sliding startup valuations force the world’s biggest technology investor to go into defensive mode and virtually halt investments.