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SoftBank profits almost wiped out by Vision Fund losses

SoftBank profits almost wiped out by Vision Fund losses

Tokyo, Japanese technology conglomerate SoftBank Group has seen its quarterly profit being almost wiped out for a second straight quarter by losses at its $100 billion Vision Fund focused on tech companies like Uber and WeWork.

The poor results have dented investor confidence in founder Masayoshi Son's big bets on new start-ups.

Addressing a news conference, Son said SoftBank had turned a corner while he also acknowledged the anxiety caused to investors and also said he has been forced to scale back a second Vision Fund.

"We have caused a lot of concern," Son said, adding he needs to "give everyone a piece of mind" to secure outside funds for Vision Fund 2.

The 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 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 for the hit.

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