SoftBank losses hit US$6 billion on WeWork turmoil

JAPANESE giant SoftBank Group said today it suffered an operating loss of US$6.4 billion (RM26.4 billion) in the second quarter, the worst in its history, as it took a hit from investments in start-ups, including WeWork and Uber.

The eye-watering results follow a turbulent period for the firm and led CEO Masayoshi Son to admit regret over errors as he faces criticism over his commitment to start-ups some said were overvalued and lacked clear profit models.