{"id":27452,"date":"2020-05-18T08:58:23","date_gmt":"2020-05-18T08:58:23","guid":{"rendered":"https:\/\/www.mobileworldlive.com\/?p=281213"},"modified":"2020-05-18T08:58:23","modified_gmt":"2020-05-18T08:58:23","slug":"softbank-suffers-record-loss-on-vision-fund-woes","status":"publish","type":"post","link":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/2020\/05\/18\/softbank-suffers-record-loss-on-vision-fund-woes\/","title":{"rendered":"SoftBank suffers record loss on Vision Fund woes"},"content":{"rendered":"

<\/p>\n

\tSoftbank Group reported its worst-ever annual loss, as write-offs on key investments led to a loss of JPY1.9 trillion ($17.7 billion) in its Vision Fund.<\/p>\n

The company booked a net loss of JPY961.6 billion in its fiscal 2019 ending 31 March, compared with a JPY1.41 trillion profit in fiscal 2018. At the end of April, the company warned its loss would widen [1] to about JPY900 billion, up from its previous estimate of JPY750 billion.<\/p>\n

Total revenue in fiscal 2019 rose 1.5 per cent year-on-year to JPY6.2 trillion.<\/p>\n

On 13 April, the company announced it expected to book a JPY1.8 trillion loss [2] from its troubled Vision Fund. Sharp share price declines in the fund\u2019s portfolio meant the value of its holdings in Uber fell by about $5.2 billion and in WeWork by about $4.6 billion, Bloomberg reported.<\/p>\n

In a statement, SoftBank said its high-profile Vision Fund, with investments in 88 start-ups, had been “adversely affected” by the Covid-19 (coronavirus) crisis.<\/p>\n

The company also reported losses of JPY670 billion from its own investments, including WeWork and satellite operator OneWeb, which filed for bankruptcy in March.<\/p>\n

SoftBank said it plans to spend up to JPY500 billion to buy back shares in fiscal 2020.<\/p>\n

Board changes
\nThe company also announced Alibaba co-founder Jack Ma will resign from its board at its AGM on 25 June and proposed three new appointments, expanding the board to 13.<\/p>\n

The candidates are CFO Yoshimoto Goto; Tan Lip-Bu, CEO of chip design software company Cadence Design Systems; and Yuko Kawamoto, a professor at Waseda Business School.<\/p>\n

[1] https:\/\/www.mobileworldlive.com\/asia\/asia-news\/softbank-forecasts-wider-loss-on-wework-write-off\/
\n[2] https:\/\/www.mobileworldlive.com\/featured-content\/top-three\/softbank-predicts-heavy-loss-as-vision-fund-slumps\/<\/p>\n\n

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Softbank Group reported its worst-ever annual loss, as write-offs on key investments led to a …<\/p>\n

The post SoftBank suffers record loss on Vision Fund woes<\/a> appeared first on Mobile World Live<\/a>.<\/p>\n<\/div>","protected":false},"author":248,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"slim_seo":{"title":"SoftBank suffers record loss on Vision Fund woes - ITTeacherITFreelance.hk","description":"Softbank Group reported its worst-ever annual loss, as write-offs on key investments led to a ... The post SoftBank suffers record loss on Vision Fund woes appe"},"footnotes":""},"categories":[11,8],"tags":[],"_links":{"self":[{"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/posts\/27452"}],"collection":[{"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/users\/248"}],"replies":[{"embeddable":true,"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/comments?post=27452"}],"version-history":[{"count":1,"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/posts\/27452\/revisions"}],"predecessor-version":[{"id":27453,"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/posts\/27452\/revisions\/27453"}],"wp:attachment":[{"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/media?parent=27452"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/categories?post=27452"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/tags?post=27452"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}