SoftBank Finally Wipes Out $14B WeWork Losses As It Posts $6.6B Profit Riding On Tech Rebound And T-Mobile Shares
Portfolio Pulse from Pooja Rajkumari
SoftBank Group Corp (OTC:SFTBY) announced a significant turnaround with a $6.6 billion profit in the quarter ending December 2023, despite writing off its entire investment in WeWork as a loss. This marks a recovery from a $5 billion loss in the same period a year earlier. The profit was attributed to the rebound in tech stocks and a beneficial increase in T-Mobile US Inc. shareholding. WeWork filed for bankruptcy in November 2023, leading to a $6.2 billion loss for SoftBank's Vision Fund in the second quarter of 2023.
February 08, 2024 | 11:50 am
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SoftBank Group Corp reported a $6.6 billion profit for Q4 2023, recovering from a $5 billion loss the previous year, despite writing off its investment in WeWork.
SoftBank's significant profit, despite the WeWork write-off, indicates a strong recovery and operational success, likely leading to positive investor sentiment in the short term. The rebound in tech stocks and the beneficial increase in T-Mobile shareholding contribute to this optimistic outlook.
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