Softbank stocks plunge on buyback disappointment
Shares fell nearly 8%, extending this week’s decline to 17%
Stocks impacted: Softbank Group Corp. (9984)
Softbank shares slipped after the Japanese conglomerate decided against extending its buyback program. The company completed a 2.5-trillion-yen (S$30.4 billion) buyback on Wednesday. Following the announcement, SoftBank shares fell nearly 8%, extending this week’s decline to 17%. The investment giant on Wednesday reported an annual net profit of $45.8 billion, the best ever for a Japanese company. The firm posted investment gains for the year of $69 billion, which includes gains of nearly $42 billion in the Vision Fund and $4.5 billion in Vision Fund 2. Also, SoftBank Group decided to triple the size of its Vision Fund 2 to $30 billion from $10 billion. Vision Fund 2 has completed or approved investments in almost 100 startups.
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