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SoftBank reported a 789 billion yen ($5.2 billion) net loss for the three months to end-September, compared with a 3.0 trillion profit a year earlier when it sold down a large portion of its stake in Chinese e-commerce giant Alibaba.
TOKYO (Reuters) -SoftBank Group booked a $5.2 billion quarterly loss on Thursday, its fourth straight quarter in the red, as the Japanese giant took a hit from the bankruptcy of the once high-flying WeWork and wrote down the value of tech investments. It was a fresh reminder of the volatility inherent in founder Masayoshi Son's strategy of betting big on often risky start-ups. WeWork sought U.S. bankruptcy protection on Monday, cementing the remarkable fall of a start-up that had once been valued at $47 billion.
The business of offering offices on flexible, short leases will survive the company’s troubles, but commercial real estate experts say it will probably remain a niche.
Indias salt-to-software conglomerate Tata Group will now make iPhones after it completed its acquisition of Wistron on Wednesday. This and more in todays ETtech Top 5.
Co-working spaces are designed for tech startups, not downsizing corporate tenants