SoftBank Clocks ¥783B Loss In Q3; Eyes Arm IPO In December - SoftBank Group (OTC:SFTBY), SoftBank Group (OTC:SFTBF)

Softbank Group Corp SFTBF SFTBY clocked third-quarter revenue growth of 6% year-on-year to ¥1.693 trillion.
Loss on investments worsened to ¥(511.6) billion. The net loss attributable to owners of the parent was ¥(783.4) billion.
Vision Funds clocked a loss of ¥660 billion.
"Weakness in global equity markets remains the main risk to the SoftBank story," Bloomberg reports citing Kirk Boodry, an analyst at Redex Research, ahead of the earnings release. Weakness in the tech markets could continue to hurt the company if it forces a significant delay in the planned initial public offering of SoftBank's chip design unit Arm Ltd, he said.
SoftBank's billionaire founder Masayoshi Son turned his telecom company into the most prominent startup investor to replicate his early success in backing Chinese e-commerce giant Alibaba Group Holding Limited BABA by deploying billions instead of millions, the report adds.
Missteps crippled Son's effort, most recently by a prolonged slump in tech prices, exacerbated by U.S.-China tensions.
Many of its portfolio companies cut jobs or downsized businesses to beat macro headwinds, even as markets' appetite for extensive initial public offerings weakened.
A successful Arm IPO is one of the keys to reigniting investment activity at SoftBank.
Son has said he would focus on that task, stepping away from earnings calls. SoftBank now plans to list the firm by December.
Price Action: SFTBF shares closed lower by 1.93% at $47.37 on Monday.
Photo Via Wikimedia Commons

Market News and Data brought to you by Benzinga APIs