SoftBank shares fall 3.5% after flagging first FY loss in 15 years

SoftBank took a hit due to the tumbling value of bets on unproven startups

SoftBank Group Corp shares fell 3.5% on Tuesday morning after estimating the Vision Fund will record a 1.8 trillion yen ($16.73 billion) loss in the year ended March due to the tumbling value of bets on unproven startups.

Continue Reading Below

GET FOX BUSINESS ON THE GO BY CLICKING HERE

The disastrous performance by the fund on which CEO Masayoshi Son has staked his reputation will drag the entire group to its first annual loss in 15 years, SoftBank said.

AMID CORONAVIRUS PANDEMIC, WEWORK UNVEILING PLANS TO ADAPT TO CHANGING ECONOMY

The Vision Fund recorded a loss of around 800 billion yen in the nine months to December, indicating that losses widened in the final quarter of the financial year. SoftBank did not provide details on which tech bets have been marked down, a long-standing irritant for analysts and investors.

CLICK HERE TO READ MORE ON FOX BUSINESS

($1 = 107.5800 yen)

(Reporting by Sam Nussey; Editing by Muralikumar Anantharaman)