Japan’s SoftBank hit with $6.2B quarterly loss as WeWork, other tech investments go sour

By YURI KAGEYAMA
AP Business Writer

TOKYO (AP) — Japanese technology company SoftBank Group has reported it racked up a huge loss in the July-September quarter, as some of its investments soured. The Tokyo-based company’s chief financial officer, Yoshimitsu Goto, tried to allay investors’ worries in reporting a $6.2 billion quarterly loss in the last quarter. He stressed in an online news conference that the company is still going strong overall. SoftBank’s woes have been highlighted with the news this week that office-sharing company WeWork has filed for Chapter 11 bankruptcy protection amid turmoil in the U.S. commercial real estate market after the COVID-19 pandemic sent vacancies soaring in major cities like New York and San Francisco.