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SoftBank earnings whacked by Vision Fund losses

Feb. 12, 2020 5:41 AM ETSoftBank Group Corp. (SFTBY) StockSFTBF, SFTBYBy: Yoel Minkoff, SA News Editor6 Comments
  • Whiplashed for a second consecutive quarter by losses at its $100B Vision Fund, SoftBank (OTCPK:SFTBY) reported a near-total wipeout in quarterly profit, which reached ¥2.6B ($24M) for October-December vs. ¥438B in the same period a year earlier.
  • The results are likely to deepen concern about founder Masayoshi Son's ability to secure funding for a second Vision Fund, and give more ammunition to activist investor and prominent shareholder Elliott Management.
  • Son dismissed the concerns at a briefing, stating, "the tide is turning.
  • Softbank shares still climbed 12% in Tokyo, boosted by the Sprint merger, in which it is a controlling shareholder.

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