WeWork, Uber drag SoftBank into first quarterly loss in 14 years

Softbank’s founder Masayoshi Son admitted that his earlier judgement of WeWork was ‘not right’ in many ways. Japanese technology investment firm SoftBank Group suffered its first quarterly loss in 14 years between July and September, dragged down by falling valuations of its biggest tech bets such as WeWork and Uber. The group’s giant Vision Fund made a 970 billion yen ($8.9bn) loss, a humbling blow for founder, chairman and chief executive Masayoshi Son even as he tries to raise an enormous sum for a second investment fund. Son, 62, told…

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Months after IPO, Uber’s quarterly loss tops $5bn

The ride-sharing company racked up 100 million customers by July, but for every dollar brought in, it lost roughly $1.65 Uber Technologies Inc., in its financial report Thursday, failed to surpass analysts’ expectations in the way its hometown rival did the day before, sparking a selloff in after-hours trading. Uber’s second-quarter adjusted sales fell short of estimates, and it posted an eye-watering $5.24 billion net loss. Most of that loss was attributed to stock-based compensation associated with the initial public offering in May, a routine expense for newly public companies. The adjusted…

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