SoftBank Group Corp. has rebounded from a record loss to post a first-quarter profit, as valuations for technology startups recover from the novel coronavirus pandemic.
Net income hit ¥1.26 trillion ($11.8 billion) for the three months ended June 30, the Tokyo-based company said in a statement Tuesday, compared with a loss of ¥1.44 trillion three months earlier. The Vision Fund income was ¥129.6 billion, following a ¥1.13 trillion loss in the previous quarter.
Masayoshi Son has pulled off a remarkably speedy comeback after the worst loss in his company’s 39-year history. A global rally in technology shares has lifted the value of SoftBank’s stakes in publicly traded firms like Uber Technologies Inc. and improved the prospects for startups in its portfolio, from China’s Didi Chuxing to South Korea’s Coupang.