SoftBank sees $16.5 billion full year Vision Fund loss

Record ID: 1469195

  • Title: SoftBank sees $16.5 billion full year Vision Fund loss
  • Date: 13th April 2020
  • Summary: TOKYO, JAPAN (FILE - 2018) (REUTERS) PEOPLE WALKING BY SOFTBANK'S MOBILE SHOP IN SHOPPING DISTRICT GINZA SIGN READING (English): "SOFTBANK" STAFF ADVISING CUSTOMER WITH MOBILE PHONE MAN LOOKING AT MOBILE PHONES/COMPANY'S MASCOT DOG FIGURE IN FOREGROUND TOKYO, JAPAN (FILE) (REUTERS) SOFTBANK LOCAL ON WALL/STAFF AT FRONT DESK AT SOFTBANK HEADQUARTERS INTERIORS MOBILE PHONES ON DISPLAY INSIDE SOFTBANK HQ STAFF AT DESK AT SOFTBANK HQ RECEPTION AREA/ FISH TANK SOFTBANK LOGO NEXT TO MOBILE DEVICES ON DISPLAY ROBOT AT SOFTBANK HQ RECEPTION AREA
  • Embargoed: 27th April 2020 12:48
  • Keywords: Japan Softbank CEO Son Masayoshi Tokyo results
  • Location: TOKYO, JAPAN
  • City: TOKYO, JAPAN
  • Country: Japan
  • Topics: Company News Markets,Economic Events
  • Reuters ID: LVA001C9BP47H
  • Aspect Ratio: 16:9
  • Story Text:Softbank Group Corp said on Monday (April 13) it expects its $100 billion (£80.73 billion) Vision Fund to book a loss of 1.8 trillion yen ($16.5 billion) in the financial year ended March due to the deteriorating performance of its tech bets.
    The third consecutive quarter of losses by the Saudi Arabian-backed fund will push the group as a whole to an annual operating loss of 1.35 trillion yen, SoftBank said in a statement - its first loss for 15 years.
    The fund's loss, attributed to "the deteriorating market environment" as markets are hammered by the coronavirus pandemic, is a major blow to SoftBank CEO Masayoshi Son's attempts to revive his reputation among investors.
    (Production: Akira Tomoshige, Akiko Okamoto)
  • Copyright Holder: REUTERS
  • Copyright Notice: (c) Copyright Thomson Reuters 2020. Open For Restrictions - http://about.reuters.com/fulllegal.asp
  • Usage Terms/Restrictions: None
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