SoftBank Group is the second-largest publicly traded company in Japan
SoftBank reports operating loss for the first time. Source: flickr.com
According to LearnBonds, SoftBank revealed it is expecting to book a $12.5 billion operating loss by the end of its fiscal year which ends in March 2020. As was explained, that’s a result of a deterioration in the current market environment.
The data found that it’s the first time the company reports an annual operating loss. However, analysts were already expecting a big drop in profitability resulting from the fund’s bad bets. For instance, its investment on satellite operator OneWeb, which recently filed from Chapter 11 bankruptcy, causing the company a $6.9 billion net loss.
SoftBank’s shares in the Japanese stock market ended the day trading at $39, losing 3.38%, while in the US market the company’s stock was losing 5% in morning trading, according to information.
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