SoftBank Group swung to its first profit after four straight quarters of losses, backed by a rebound in the value of Vision Fund’s public holdings and a windfall from T-Mobile U.S. shares.
The Tokyo-based technology investor reported a net income of ¥950 billion ($6.4 billion) for the December quarter, reversing a ¥783 billion loss for the same period a year ago. It’s the Japanese company’s first profit since September 2022, as it navigates volatile swings in the value of its startup investments.
The Vision Fund unit reported a ¥422.74 billion gain for the period, up from a loss of ¥660.1 billion a year ago. DoorDash, AutoStore Holdings, and Symbotic were among the best performers contributing to the Vision Fund. The value of Didi Global’s shares also rose 22% in the over-the-counter market.