Japan's SoftBank Group is expected to report a modest first-quarter profit on Wednesday but investors are set to hone in on whether the tech investment giant will either announce a major share buyback or flag its willingness to embark on one.
SoftBank Group shares tanked nearly 19% on Monday amid a global sell-off, wiping off billions of dollars from founder Masayoshi Son's fortune. On Monday, Son's net worth fell by $4.6 billion alone, according to the Forbes real-time billionaires list.
A joint venture of Japan's SoftBank Corp and South Korea's Naver will sell back about 2% of its 64.42% stake in LY Corp , which operates the popular messaging app Line, LY said in a share buyback disclosure on Friday.
India's IPO-bound Ola Electric has suspended its electric car launch plans as the Softbank-backed company wants to focus on its e-scooter business, two people with direct knowledge of the decision said.
SoftBank has acquired UK-based chipmaker Graphcore as part of its significant investment in artificial intelligence. Graphcore, founded in 2016, will join SoftBank's portfolio alongside Arm Holdings PLC (NASDAQ:ARM).
Japan's SoftBank Group has bought artificial intelligence chipmaker Graphcore for an undisclosed sum, ending long-running speculation over the company's future.
The Japanese stock market has been surging this year, with the Nikkei 225 index up more than 22%. These are gains comparable to the tech-heavy Nasdaq 100.
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