Breaking News

PlayStation Plus Monthly Games for December: Lego 2K Drive, Powerwash Simulator, Sable Samsung TV Plus Update Makes Browsing and Viewing Content Easier and Faster TEAMGROUP Releases the T-CREATE CinemaPr P31 Portable External SSD Sony Semiconductor Solutions to Release SWIR Image Sensor for Industrial Applications with Industry-Leading 5.32 Effective Megapixels Western Digital Begins Volume Shipments of 24TB CMR HDDs; Industry Adoption of SMR HDD Ramps

logo

  • Share Us
    • Facebook
    • Twitter
  • Home
  • Home
  • News
  • Reviews
  • Essays
  • Forum
  • Legacy
  • About
    • Submit News

    • Contact Us
    • Privacy

    • Promotion
    • Advertise

    • RSS Feed
    • Site Map

Search form

SoftBank Sees  $7-billion Full-year Net Loss

SoftBank Sees $7-billion Full-year Net Loss

Enterprise & IT Apr 13,2020 0

Japanese conglomerate SoftBank Group on Monday forecast a $7-billion net loss for the year ended March due to the negative impact of coronavirus and losses related to WeWork.

The Japanese company expects to record a 1.8 trillion yen loss from its Vision Fund and another 800 billion yen in losses from SoftBank’s own investments. It has written down the value of investments in companies, including WeWork and satellite operator OneWeb, which filed for bankruptcy last month.

The telecoms and investment giant, led by Masayoshi Son, said in a press release it also expected to suffer an operating loss of 1.35 trillion yen or $12.5 billion.

SoftBank and WeWork are also embroiled in a legal battle after the US office-sharing giant accused the Japanese firm of breach of contract by backing out of a $3-billion rescue plan.

Son has bet heavily on sharing-economy startups, which allow people to split the use of offices or cars, but those investments have been particularly hard hit as the coronavirus pandemic curbs unnecessary human interaction.

The group last year announced its long-mooted Vision Fund 2, again targeting around $100 billion, but investors have been slower to commit this time around.

In Monday's press release, SoftBank said it expected a loss of 800 billion yen on investments held outside the Vision Fund, including in WeWork.

The Vision Fund probably wrote down about 1 trillion yen in assets in the March quarter, based on its earlier earnings reports.

Son has been also under pressure from U.S. activist investor Elliott Management Corp., which took a substantial stake in the company, advocating for changes in governance and investing pratices.

The billionaire responded with a strategy to part with some of his precious holdings, unloading about $41 billion in assets to buy back shares and pay off debts. SoftBank plans to sell about $14 billion of shares in Chinese e-commerce leader Alibaba Group Holding Ltd. as part of an effort.

Another sign of the troubles is Oyo, a hotel-booking service into which SoftBank invested about $1.5 billion. Its business model has been slammed as global travel screeched to a halt.

Tags: softbankWeWorkfinance
Previous Post
Amazon is Hiring Additional 75,000 Workers to Meet Pandemic Demand
Next Post
Oppo Releases The Ace 2 Smartphone With Wireless Charging Support

Related Posts

  • SoftBank Reports $18 Billion Loss from Vision Fund

  • Panasonic Annual Profit Decreased, Tesla Battery Venture Brings Gains

  • Sony's Q4 Profit Dropped 57% on Low Image Sensor Sales

  • Sharp Cuts Full-year Profit Forecast as Virus Impacts Demand

  • Roku Says Ad Sales Growth is Slowing, Platform Sees Growth

  • Amazon Could Report Loss in Q2 As a Result of COVID-19-related Costs

  • Apple Reports High Sales Despite Coronavirus, Future Uncertainties Remain

  • Twitter Reports Small Revenue As Advertising Business Hit By Covid-19

Latest News

PlayStation Plus Monthly Games for December: Lego 2K Drive, Powerwash Simulator, Sable
Gaming

PlayStation Plus Monthly Games for December: Lego 2K Drive, Powerwash Simulator, Sable

Samsung TV Plus Update Makes Browsing and Viewing Content Easier and Faster
Consumer Electronics

Samsung TV Plus Update Makes Browsing and Viewing Content Easier and Faster

TEAMGROUP Releases the T-CREATE CinemaPr P31 Portable External SSD
PC components

TEAMGROUP Releases the T-CREATE CinemaPr P31 Portable External SSD

Sony Semiconductor Solutions to Release SWIR Image Sensor for Industrial Applications with Industry-Leading 5.32 Effective Megapixels
Smartphones

Sony Semiconductor Solutions to Release SWIR Image Sensor for Industrial Applications with Industry-Leading 5.32 Effective Megapixels

Western Digital Begins Volume Shipments of 24TB CMR HDDs; Industry Adoption of SMR HDD Ramps
Enterprise & IT

Western Digital Begins Volume Shipments of 24TB CMR HDDs; Industry Adoption of SMR HDD Ramps

Popular Reviews

Pioneer BDR-S13U-X Blu-Ray Recorder

Pioneer BDR-S13U-X Blu-Ray Recorder

Arctic Liquid Freezer II 360 Α-RGB

Arctic Liquid Freezer II 360 Α-RGB

Pioneer BDR-X13U-S

Pioneer BDR-X13U-S

Pioneer BDR-XD08UMB-S External Blu-Ray Recorder

Pioneer BDR-XD08UMB-S External Blu-Ray Recorder

Verbatim External 4K Slimline Blu-Ray Recorder

Verbatim External 4K Slimline Blu-Ray Recorder

Surefire KINGPIN M2 Keyboard

Surefire KINGPIN M2 Keyboard

Samsung 970 EVO Plus 2TB NVME SSD

Samsung 970 EVO Plus 2TB NVME SSD

Crucial X8 4TB PortableSSD

Crucial X8 4TB PortableSSD

Main menu

  • Home
  • News
  • Reviews
  • Essays
  • Forum
  • Legacy
  • About
    • Submit News

    • Contact Us
    • Privacy

    • Promotion
    • Advertise

    • RSS Feed
    • Site Map
  • About
  • Privacy
  • Contact Us
  • Promotional Opportunities @ CdrInfo.com
  • Advertise on out site
  • Submit your News to our site
  • RSS Feed