Weak earnings from the Japanese conglomerate SoftBank were eclipsed by its failed sale of chip designer Arm. Floating it instead could yet work well, but it won’t ease boss Masayoshi Son’s bigger issue, warns JennHughes13
Japan’s SoftBank Group on Feb. 8 reported a 97% year-on-year fall in quarterly earnings as well as the official end of its plans to sell UK-based chip designer Arm.
Its net profit of 29 billion yen in the October to December quarter was a fraction of the record 1.2 trillion yen profit it reported a year earlier. Nvidia announced in September 2020 that it would buy Arm, which designs chips for customers like Apple and Qualcomm, in a stock-and-cash deal worth as much as $40 billion at the time. The deal collapsed because of regulatory hurdles.
SoftBank holds 25% of Chinese ecommerce giant Alibaba, worth $77 billion. Its own market value stands at $78.4 billion.Japan's SoftBank Group Corp Chief Executive Masayoshi Son attends a news conference in Tokyo, Japan, November 5, 2018. REUTERS/Kim Kyung-Hoon - RC1588EA23F0
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