Deepti Sri · · 2 min readSoftBank posts an $11b profit in Q3 as Vision Fund rebounds
SoftBank Group recorded a net profit of 1.17 trillion yen (US$11 billion) for the quarter ended in December on the back of investment gains from its Vision Fund unit.
Illustration by Tech in Asia from a photo by Softbank.
Vision Fund has rebounded from a loss a year earlier, recording a profit of 844 billion yen (US$8 billion) for the third quarter of its most recent fiscal year.
The rebound was driven by US food delivery app DoorDash’s blockbuster debut on the US stock market, which resulted in Vision Fund scoring an US$11.2 billion gain in value from its stake in the firm.
Investment in Chinese online property site Beike also helped offset a US$2.7 billion derivative loss from SoftBank’s trading unit SB Northstar. The Japanese conglomerate’s founder and CEO Masayoshi Son has said at a recent news conference in Tokyo that since SB Northstar is still in a trial phase, its performance did not significantly impact the company’s overall finances.
SoftBank said it would not provide forecasts of consolidated results of operations due to uncertainties affecting earnings.
See also: Gojek cleans up balance sheet ahead of possible M&A or public listing
The Vision Fund unit held US$22 billion in stocks as of December, including about US$7.4 billion in shares in Amazon, US$3.3 billion in Facebook, and US$1.4 billion in Alphabet.
Recently, it was reported that SoftBank is looking to raise up to US$630 million through two blank-check firms.
Editing by Collin Furtado and September Grace Mahino
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