The head of Softbank Group has admitted to some poor decisions after the firm reported its first April-to-September operating loss in 15 years.
Chairman & CEO Masayoshi Son took the blame for a handful of bad investments as Softbank posted a loss of more than 140 million dollars for the period.
The group's net profit was down by about 50 percent from a year earlier to roughly 3.8 billion dollars. The result is largely due to the performance of Softbank's Vision Fund. The 90-billion-dollar investment vehicle has made huge losses after betting on stumbling businesses such as WeWork and Uber.
Son said, "In many respects, I've made really terrible investment decisions, and now I'm thinking long and hard about that."
In recent years, Son has been leaving the group's core telecoms business to his lieutenants and focusing his energies on investment opportunities.
But a string of recent failures has raised questions about his judgment. It's also taken a toll on the conglomerate's bottom line. In the last quarter, Softbank Group posted a net loss of 6.4 billion dollars.