Struggling Japanese conglomerate SoftBank Group on Monday reported record losses, as the coronavirus pandemic compounded woes caused by its investment in troubled office-sharing start-up WeWork.
The losses were announced shortly after the firm said Chinese tycoon and Alibaba co-founder Jack Ma would resign as a director of the board next month.
The telecoms and investment giant had already sounded the alarm, warning last month that the "deteriorating market environment" would hit its bottom line.
But the results were slightly worse than it had forecast, with net losses for the year that ended in March coming in at 961.6 billion yen ($8.9 billion), rather than the estimated $8.4 billion.