🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

SoftBank swings to Q4 profit as comeback gains steam

Published 05/13/2024, 02:16 AM
Updated 05/13/2024, 02:30 AM
© Reuters. FILE PHOTO: SoftBank's logo is pictured at a news conference in Tokyo, Japan, Feb. 4, 2021. REUTERS/Kim Kyung-Hoon/File Photo
9984
-

TOKYO (Reuters) -Japanese technology giant SoftBank (TYO:9984) Group swung to a quarterly profit on Monday versus the year earlier, reporting a net profit of 328.9 billion yen ($2.11 billion) for the January-March period.

The result mark the second straight quarter of profit for SoftBank, which has been long known for both volatile earnings and outsized bets on technology companies.

In February, Chief Financial Officer Yoshimitsu Goto said the company was on a return to a "growth trajectory".

Still, it wasn't a runaway success. The Vision Fund investment unit booked an investment loss of 57.5 billion yen, after three consecutive quarters of profit.

© Reuters. FILE PHOTO: SoftBank's logo is pictured at a news conference in Tokyo, Japan, Feb. 4, 2021. REUTERS/Kim Kyung-Hoon/File Photo

The net profit at group level compared with a 32 billion yen loss in the same period a year earlier, when capital raised using SoftBank's stake in Alibaba (NYSE:BABA) Group cushioned some of the writedowns in the value of Vision Fund private portfolio companies.

($1 = 155.8500 yen)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.