- 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.