November 6, 2019 / 6:16 AM / 3 months ago

SoftBank Group plunges to quarterly loss as tech bets stumble

TOKYO, Nov 6 (Reuters) - SoftBank Group Corp plunged on Wednesday to a quarterly loss that was far larger than analysts' estimates, hit by the falling valuations of some of its biggest tech bets.

The Japanese investment giant recorded an operating loss of 704 billion yen ($6.46 billion) in the July-September quarter.

That compared with an operating loss of 48 billion from an average forecast of four analyst estimates compiled by Refinitiv.

SoftBank recorded an operating profit of 706 billion yen in the same period a year earlier. (Reporting by Sam Nussey; Editing by Muralikumar Anantharaman)

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