SoftBank Loses Another $5.9 Billion as Son Skips Earnings Call
- Tech investor has ample cash for future offensive, CFO says
- SoftBank remains in defensive mode given the market tumult
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SoftBank Group Corp.’s first earnings report without founder Masayoshi Son went a lot like those he presided over the past few years: The Japanese conglomerate lost billions of dollars on failed startup bets.
SoftBank posted a net loss of 783.4 billion yen ($5.9 billion) for the December quarter, far short of analyst estimates for profit of 205.9 billion yen. The key factor was the Vision Fund segment, which lost 660 billion yen on declining valuations for companies in its investment portfolio.