SoftBank profit soars in the third quarter
The $100 billion Vision Fund’s investments were valued at $90 billion, compared with their purchase price of $76.3 billion
Stocks impacted: SoftBank Group Corp (9984)
SoftBank Group posted a net profit of 1.17 trillion yen ($11 billion) for the quarter ended in December as asset sales helped it solidify its recovery. Net profit was more than 21 times higher than the 55.0 billion yen reported a year earlier. For the year ended in March 2020, the technology investor suffered its biggest loss in history. The firm recorded an 844 billion yen ($8 billion) profit at its Vision Fund unit as it gained from investments in Uber Technologies and other companies. The $100 billion Vision Fund’s investments were valued at $90 billion, compared with their purchase price of $76.3 billion. Overall, SoftBank posted a record 3-trillion-yen net profit for the nine months through December. The company’s stocks jumped nearly 4.5% following the results.
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