SoftBank Posts Third-Quarter Profit Gain As Vision Fund Rallies

FILE PHOTO: SoftBank Corp’s logo is pictured at a news conference in Tokyo, Japan, February 4, 2021. REUTERS/Kim Kyung-Hoon

TOKYO — SoftBank Group Corp on Monday recorded an 844 billion yen ($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 stabilize his investing empire.

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

($1 = 105.5000 yen)

Reporting by Sam Nussey; Editing by Jacqueline Wong; Reuters

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