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Softbank Takes a Loss of $1.4 Billion From Snapdeal And Ola
May 12, 2017
Japanese telecommunications and Internet corporation Softbank revealed this Wednesday that it has incurred losses of about $1.4 billion from its investments in shared-taxi service provider Ola, and Indian e-commerce company Snapdeal.
In its annual report, Softbank said that the resignation of Nikesh Arora from its position as the director had led to expenses worth $77.63 million, which were put under “reconciliations”. Surprising, on the same day of the statement the company had reported a 13% growth in its net income which it credited to its US based business Sprint and recent cutting of costs.
