SoftBank Group says it sank into red ink for the July-September period, hit by losses on its investments in ChinaTOKYO -- SoftBank Group Corp. sank into red ink for the July-September period, dragged down by losses on its investments in China, the Japanese technology conglomerate said Monday. SoftBank reported a 397.9 billion yen ($3.5 billion) loss for the fiscal second quarter, compared to a 627 billion yen profit recorded the same period the previous year. Tokyo- based SoftBank said its investment portfolio called Vision Fund suffered losses, including the value of its stake in South Korean online retailer Coupang. But he stressed SoftBank’s main business was shifting to the Vision Fund and becoming less dependent on Alibaba’s performance. “I feel that Vision Fund is producing results,” said Son.

Source: ABC News November 08, 2021 08:46 UTC