SoftBank stock shaky ahead of earnings report
Asian markets were mixed Wednesday, with SoftBank investors jittery ahead of the company’s quarterly earnings report.
Hong Kong’s Hang Seng fell 0.2% and China’s Shanghai Composite was flat.
Japan’s Nikkei and South Korea’s Kospi, though, were both up about 0.1%.
Shares in SoftBank was about flat in Tokyo, trading between small gains and losses. The tech conglomerate will report earnings for the three months that ended in September after markets close. Analysts expect the company to report a $4.2 billion writedown to the SoftBank Vision Fund, driven mainly by Uber’s plummeting stock price in recent months.
SoftBank founder and CEO Masayoshi Son is also expected to address WeWork, the embattled office startup. SoftBank footed a roughly $10 billion rescue package of WeWork after its disastrous attempt to go public.
