SoftBank swings to loss as Asia investments struggle

Japanese group posts $3.5bn quarterly loss on Coupang, Didi share declines

Chairman and CEO Masayoshi Son says SoftBank is "in the middle of a midwinter storm" during an online press conference on Nov. 8. (Photo courtesy of SoftBank group)

WATARU SUZUKI, Nikkei staff writer

November 8, 2021 15:13 JST

Updated on November 8, 2021 20:15 JST

TOKYO -- SoftBank Group swung to a net loss in the July-September quarter due to share price declines in some of its key investments, including South Korean e-commerce player Coupang and Chinese ride-hailer Didi Global.

SoftBank also said it will buy back up to 1 trillion yen of its own shares until Nov. 8, 2022 "to realize fair shareholder value by rectifying the situation where [SoftBank] shares are traded at a deep discount" to the value of its assets.