SoftBank Group Corp. shares fell as much as 12% on November 14, 2022, in the worst intraday decline since the outbreak of the COVID-19 pandemic in early 2020, after the company failed to make the widely anticipated stock repurchase announcement.
SoftBank, which has a holding in more than 400 public and private internet companies globally, including China's SenseTime Group Inc., US food delivery company DoorDash Inc., and Indonesian ride-hailing and e-commerce firm GoTo Group, has been struggling due to declining revenue. As reported by the company, the total revenue and net profit increased in the second quarter that ended September 2022.
As the Tokyo-based corporation hastened to complete two share repurchase programs—a JPY1 trillion program launched in 2021 and a JPY400 billion program announced in August 2021—its stock price increased in the first weeks of the third quarter of 2022. The rapid buybacks raised hopes of new investment and fueled rumors that the company’s founder and billionaire, Masayoshi Son, intended to lead a takeover to take the business private. Citi assigned a "High Risk" rating to the company, citing the uncertainties in the financial markets and how they could affect SoftBank's earnings.
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