SoftBank Group Announces $8.82 Billion Share Buyback
SoftBank Group Corp. said Monday that it plans to buy back up to 1 trillion yen ($8.82 billion) of its own shares to boost its stock, which it views as significantly undervalued.
From the Equity Insider archive. This article dates from Nov 8, 2021 and is preserved as first published.
SoftBank Group Corp. said Monday that it plans to buy back up to 1 trillion yen ($8.82 billion) of its own shares to boost its stock, which it views as significantly undervalued.
The Japanese investment and technology company earlier reported its first quarterly net loss in a year and a half after China’s stricter regulations on technology companies caused a sharp selloff in stocks that weighed on SoftBank’s portfolio.
SoftBank posted a net loss of 397.94 billion yen ($3.51 billion) for the quarter ended September amid valuation losses from investments in Chinese ride-hailing company Didi Global Inc. as well as South Korean e-commerce company Coupang Inc. That compared with a net profit of Y627.50 billion a year earlier.
51 billion) for the quarter ended September amid valuation losses from investments in Chinese ride-hailing company Didi Global Inc.
SoftBank said that under the one-year buyback program, which starts Tuesday, it could repurchase up to 14.6% of its outstanding shares.
