SoftBank shares climb 14% despite investment giant posting $7 billion quarterly loss on data-centre costs
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓SoftBank shares rose 14% on Tuesday to close at JPY 3,872.
- ✓The investment giant reported a $7 billion quarterly net loss after markets closed, driven by costly US data-centre projects and rising financing expenses.
- ✓Investors did not get to react to the earnings disappointment during the trade on Tuesday.
Story at a Glance
- Category
- Indian Markets
- Reported By
- mint
- Reading Speed
- 3 Minute(s)
- Market Focus
- India Economy
SoftBank shares rose 14% Tuesday before the company reported a $7 billion quarterly net loss, announced after markets closed. The loss reflected costly US data-centre investments, rising financing expenses and volatile portfolio valuations, despite sales growth and an investment gain from ByteDance.
SoftBank shares jumped 14% to close at JPY 3,872 on Tuesday, even as the Japanese investment giant subsequently reported a second-quarter net loss of around $7 billion. However, investors did not get an opportunity to react to the earnings disappointment during the trade, as the results were announced after the market closed.
Most Asian technology stocks surged on Tuesday, tracking an overnight rebound on Wall Street as a sharp decline in crude oil prices lifted sentiment. Renewed buying in semiconductor stocks also spilled over into Asian markets following last week's bruising sell-off.
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