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)
Copyright (c) 2024 Dow Jones & Company, Inc.-
6 Top-Performing Large-Growth Funds
-
What’s the Difference Between the CPI and PCE Indexes?
-
Micron Earnings: Great Guidance but Stock Now Looks Fairly Valued
-
August PCE Report Forecasts Show More Good News on Inflation
-
AI Stocks May Be Down, but Don’t Count Them Out
-
4 Stocks to Buy as the Fed Cuts Interest Rates
-
Markets Brief: The Uncertain Path to Neutral Interest Rates
-
What’s Happening in the Markets This Week
-
Morningstar’s Guide to Investing in Stocks
-
Our Top Pick for Investing in US Renewable Energy
-
How to Measure a Stock’s Uncertainty
-
How to Determine Whether a Stock Is Cheap, Expensive, or Fairly Valued
-
Why a Company’s Management and Capital Allocation Matter
-
How to Determine What a Stock Is Worth
-
How to Measure a Company’s Competitive Advantage
-
How to Think Like a Stock Analyst