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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.

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