Japanese technology conglomerate SoftBank Group swung back to profitability in the July-September quarter, boosted by its Vision Fund investments. The Tokyo-based company reported fiscal second-quarter profit of nearly 1.18 trillion yen, or $7.7 billion.
TOKYO — Japan ese technology group SoftBank swung back to profitability in the July-September quarter, boosted by positive results in its Vision Fund investments.
Tokyo-based SoftBank Group Corp. reported Tuesday a fiscal second quarter profit of nearly 1.18 trillion yen , compared with a 931 billion yen loss in the year-earlier period.SoftBank credited income from royalties and licensing related to its holdings in Arm, a computer chip-designing company, whose business spans smartphones, data centers, networking equipment, automotive, consumer electronic devices, and AI applications.
The results were also helped by the absence of losses related to SoftBank’s investment in office-space sharing venture WeWork, which hit the previous fiscal year.SoftBank has benefitted in recent months from rising share prices in some investment, such as U.S.-based e-commerce company Coupang, Chinese mobility provider DiDi Global and Bytedance, the Chinese developer of TikTok.
SoftBank makes investments in a variety of companies that it groups together in a series of Vision Funds. The company’s founder, Masayoshi Son, is a pioneer in technology investment in Japan. SoftBank Group does not give earnings forecasts.
Mobile Phones Tokyo General News Earnings World News Business Artificial Intelligence Softbank Group Corp. Technology Japan World News
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
SoftBank posts blowout quarterly gains at Vision Fund tech armThe company lodged a steep quarterly increase on Vision Fund gains after swinging back to black in the three months to June.
Read more »
Navigation without sight or sound: HapticNav’s vision for blindness and low visionSebastian, a veteran of a tech writer with over 15 years of experience in media and marketing, blends his lifelong fascination with writing and technology to provide valuable insights into the realm of mobile devices.
Read more »
Japan must avoid issuing debt to fund fresh spending, IMF saysJapan must avoid issuing debt to fund fresh spending, IMF says
Read more »
Softbank Group Q2 profit beats expectations on IPOs, yen strengthSoftbank Group Q2 profit beats expectations on IPOs, yen strength
Read more »
Futures lower, earnings ahead, SoftBank Group reports - what's moving marketsFutures lower, earnings ahead, SoftBank Group reports - what's moving markets
Read more »
Trump’s extreme vision for America hikes pressure on HarrisDonald Trump is invoking a vision of an extreme new White House term that would transform America and rock the world.
Read more »