SoftBank books small quarterly profit, unveils $3.4 billion buyback
Japanese technology investor SoftBank Group said on Wednesday it plans to buy back a hefty $3.4 billion of its shares, answering in part calls from Elliott Management and other shareholders to bolster its stock price.
Masayoshi Son’s tech behemoth has been under renewed pressure to purchase shares given that its market capitalisation is far less than the value of its portfolio assets. The pressure comes at a time when SoftBank has been seeking to take a bigger role in artificial intelligence – albeit with a much cautious investment stance than in the past after a period of rebuilding its finances.
