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    9984   JP3436100006

SOFTBANK GROUP CORP.

(9984)
  Report
Delayed Japan Exchange  -  01:00 2022-12-02 am EST
6055.00 JPY   +0.13%
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SoftBank cuts about 150 staff globally -source

09/29/2022 | 06:24am EST
SoftBank Corp's logo is pictured at a news conference in Tokyo

NEW YORK/TOKYO (Reuters) - Japan's SoftBank Group Corp is cutting around 150 staff globally at its Vision Fund unit and SoftBank Group International, a person familiar with the matter said, as CEO Masayoshi Son retrenches following huge loss on his tech bets.

Notices are going out to employees on Thursday and will affect around 30% of employees across the two businesses, the person said, declining to be identified as the information is not public. Major cost centres including the United States, Britain and China are affected, the person added.

SoftBank declined to comment.

The cuts will affect staff in the investment teams and back-office staff in departments such as finance and legal, a second source said.

Son in August pledged to cut costs after the Vision Fund unit recorded a record $50 billion loss in the six months through June, with the billionaire caught out by rising interest rates and political instability that have hit tech valuations.

"We need to cut costs with no sacred areas," Son said at the time.

The cuts also encompass SoftBank Group International, which was led by Marcelo Claure before he exited the firm and which manages other group investments.

Vision Fund has radically scaled back investing activity, with Son saying SoftBank's second Vision Fund would primarily manage its existing portfolio.

SoftBank has sold down its stake in key asset Alibaba Group Holding Ltd and outlined plans to list Arm.

Son last week said he plans to meet with Samsung Electronics Co Ltd to discuss a potential "strategic alliance" between the South Korean technology giant and Arm.

(Reporting by Anirban Sen in New York, Sam Nussey in Tokyo and Julie Zhu in Hong Kong; Editing by Christopher Cushing)

By Anirban Sen, Sam Nussey and Julie Zhu


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ALIBABA GROUP HOLDING LIMITED -1.85% 85.94 Delayed Quote.-27.65%
SAMSUNG ELECTRONICS CO., LTD. 2.64% 62200 End-of-day quote.-20.56%
SOFTBANK CORP. -0.51% 1467.5 Delayed Quote.1.41%
SOFTBANK GROUP CORP. 0.13% 6055 Delayed Quote.11.28%
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Analyst Recommendations on SOFTBANK GROUP CORP.
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Financials
Sales 2023 6 516 B 46 761 M 46 761 M
Net income 2023 446 B 3 202 M 3 202 M
Net Debt 2023 15 131 B 109 B 109 B
P/E ratio 2023 20,3x
Yield 2023 0,74%
Capitalization 8 702 B 62 444 M 62 444 M
EV / Sales 2023 3,66x
EV / Sales 2024 3,43x
Nbr of Employees 59 721
Free-Float 62,2%
Chart SOFTBANK GROUP CORP.
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Technical analysis trends SOFTBANK GROUP CORP.
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TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 18
Last Close Price 5 952,00 JPY
Average target price 7 426,67 JPY
Spread / Average Target 24,8%
EPS Revisions
Managers and Directors
Masayoshi Son Chairman & Executive President
Yoshimitsu Goto CFO, Director & Senior Managing Executive Officer
Tim Mackey Chief Legal Officer & Group Compliance Officer
Masami Iijima Independent Outside Director
Yutaka Matsuo Independent Outside Director
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