Business

SoftBank posts third-quarter profit gain as Vision Fund rallies

SoftBank Group Corp on Monday reported that third quarter net profit ballooned more than 20 times, beating estimates, driven by recovery at its Vision Fund unit.

SoftBank Corp's logo is pictured at a news conference in Tokyo
FILE PHOTO: SoftBank Corp's logo is pictured at a news conference in Tokyo, Japan, February 4, 2021. REUTERS/Kim Kyung-Hoon/File photo
(Updated: )

Bookmark

TOKYO: SoftBank Group Corp on Monday recorded an 844 billion yen (US$8 billion) profit at its Vision Fund unit in the three months to Dec. 31 compared with a loss a year ago as it gained from investments in Uber Technologies and other companies.

The earnings mark a sea change from a year earlier when high profile misses such as the flopped IPO of office sharing firm WeWork and the COVID-19 pandemic forced CEO Masayoshi Son to sell down assets to stabilise his investing empire.

During the third quarter net profit ballooned more than 20 times to 1.17 trillion yen (US$11.09 billion). That compared with an estimate of 171 billion yen from four analysts polled by Refinitiv SmartEstimate.

(US$1 = 105.5000 yen)

(Reporting by Sam Nussey; Editing by Jacqueline Wong)

Source: Reuters