SoftBank warns of historic loss as value of tech startups collapses [CNNMoney.com]
Uber Technologies, Inc. (UBER)
Last uber technologies, inc. earnings: 2/6 04:05 pm
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Source: CNNMoney.com
SoftBank warns of historic loss as value of tech startups collapses London (CNN Business) SoftBank warned Monday that it expected to post its first operating loss in 15 years because of a collapse in the value of its flagship tech investments. The Japanese company said it expected an operating loss of 1.35 trillion yen ($12.5 billion) in its fiscal year through March 31, 2020. That compares with an operating profit of more than 2 trillion yen the previous year. SoftBank ( SFTBY SOFTBANK ) blamed the historic losses — the worst in at least 20 years, according to the data provider Refinitiv — on the plunging valuations of investments held by its mega tech fund. The Vision Fund is expected to report losses amounting to 1.8 trillion yen ($16.7 billion) due to "the deteriorating market environment," the company said in a statement. The markets have been roiled by uncertainty over the coronavirus pandemic . Big losses on other SoftBank investments held outside th
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UBER
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