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SoftBank profits plunge 99%

Hong Kong (CNN Business)SoftBank profits have been almost entirely wiped out, as the company continues to feel the pain from big losses in its massive tech fund. The Japanese tech conglomerate on Wednesday reported operating income of 2.59 billion yen ($23.6 million) for the three months ended in December, a plunge of 99% compared to the same period a year earlier. SoftBank (SFTBF) founder and CEO Masayoshi Son's closely watched $100 billion Vision Fund was the biggest driver of those losses. The Vision Fund and a related fund reported an operating loss of 225 billion yen ($2 billion) for the quarter, blaming unrealized losses in WeWork and Uber (UBER) for the hit. Son confirmed at Wednesday's earnings presentation that the fund's recent p ...
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