In March one of the most popular tech company in Japan SoftBank faced a huge loss of 9 billion dollars. According to the news reports, SoftBank Tech Corporation suffered from a loss of around 900+ billion yens which is around 9 billion dollars if converted into dollars. This loss was on the red ink which is related to the vision investments of SoftBank. It was the space sharing venture for the offices.
SoftBank one of the most prominent and popular tech corporations of Japan was established in 1981. On this Monday the shares of the SoftBank crashed down due to the global pandemic coronavirus. The crash of the shares of SoftBank Corporation affected its investments very badly. Last year the same Japanese tech SoftBank Corporation earned a huge profit which is around 1.4 trillion yen. Due to the last year’s profit of the corporation, it’s value also increased by up to 6.2 trillion yen which is around 58 billion dollars if converted. Still, the tech company has not given any report or future prediction for March 2021.
Experts say that there were many reasons behind such huge loss such as the very poor performance of we work, Uber’s value also got down these days which affected the SoftBank Corporation. There were many suspended holdings in the portfolio of SoftBank Corporation. These things get worsened by the current global pandemic coronavirus. Alone coronavirus shook the whole system of the Japanese tech company SoftBank. Coronavirus pandemic, however, saved the telecommunications sector of the SoftBank as there are lots of people in the home who were seeking work from home and for that, they needed lots of data and good network. People were using online services more than the expectations this somehow saved the SoftBank telecommunications sector. Otherwise, it would have been the other next big bad news for them.
Recently SoftBank also completed its merging process with the T-Mobile in the United States of America. Those merging process shot completed on 1st April. This was a piece of good news for the officials of the SoftBank Corporation.
According to the reports, the revenue of the SoftBank would surely get affected due to the arm which is also a venture of the SoftBank and produces microprocessors. But nowadays we can see the whole world is affected by the coronavirus the demand for microprocessors have been crashed. In a recent interview, one of the main executives of the SoftBank Corporation told the media that the company is facing lots of problems due to the Coronavirus pandemic. But he also stated that the value of the SoftBank Corporation is only down and it would not be crashed. They have such ventures which have the capability to face these problems very effectively and they would raise again the value of the Japanese tech company SoftBank. In his interview, he also shared the news that after the Coronavirus it would be very hard to restart the office sharing project as people would practice social distancing more.