SoftBank Group Reports Third-Quarter Net Profit on Improvement in Tech Investments
By Kosaku Narioka
SoftBank Group reported its first quarterly net profit in more than a year thanks partly to an improvement in its tech investment funds business.
The Japanese technology investment company Thursday posted net profit of 950.00 billion yen ($6.41 billion) for the three months ended Dec. 31 following four consecutive quarters of net losses.
SoftBank Group's start-up investments had suffered losses earlier in 2023 as central banks raised rates to rein in inflation, causing selloffs in the tech sector.
The fiscal third-quarter net profit compared with a Y783.415 billion net loss in the year-earlier period and beat the estimate of a Y247.25 billion net profit in a poll of analysts by data provider Quick.
Its Vision Funds business posted profit of Y422.74 billion in the third quarter, compared with a loss of Y660.10 billion in the year-earlier period.
SoftBank Group shares rose 11% on Thursday after U.S.-listed shares of chip-designer unit Arm Holdings surged overnight after it issued a better-than-anticipated outlook.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
(END) Dow Jones Newswires
February 08, 2024 01:36 ET (06:36 GMT)
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