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Japan's SoftBank hit with $6.2B quarterly loss as WeWork, other tech investments go sour
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FILE - A pedestrian carries a phone past a SoftBank logo in Tokyo on May 12, 2022. Japanese technology company SoftBank Group Corp. racked up a huge loss in the July-September quarter as some of its investments soured, the company said Thursday, Nov. 9, 2023. - photo by AP Photo/Shuji Kajiyama, File
TOKYO (AP) — Japanese technology company SoftBank Group Corp. racked up a huge loss in the July-September quarter as its technology investments, most notably office-sharing company WeWork, went sour. Tokyo-based SoftBank loss totaled 931 billion yen ($6.2 billion) in the last quarter, a reversal from the 3 trillion yen profit it posted in the same period a year earlier. SoftBank has a sprawling investment portfolio and tends to have erratic financial results that fluctuate with market trends.