SoftBank profit all but wiped out by Vision Fund losses


SoftBank Group says its quarterly profits were all but wiped out.

The Japanese investment giant eked out earnings of just 24 million dollars in the third quarter.

That's a fraction of the same period a year ago.

Profits were erased by a loss of just over two billion dollars at its flagship Vision Fund, which invests in tech firms.

Wednesday's (February 12) results cast a deeper shadow over founder Masayoshi Son.

Investors were already questioning whether to put money into his next venture, Vision Fund 2.

It had previously attracted pledges of over 100 billion dollars.

But Son's reputation had already taken a hit over the WeWork debacle.

The U.S. office sharing company - a big SoftBank bet - had to be bailed out after a failed IPO.

Now Son says the firm has turned the corner, pointing to a rally in prices of some of investments.

But he also admitted scaling back Vision Fund 2, which right now hasn't attracted any outside investment.