16:59
+23 C°
Traffic jam:   7
$
77.5104
92.0669

Profit of SoftBank was $ 11 billion

8 February 2021
2311
1 min.
5
Profit of SoftBank was $ 11 billion

Profit of Japan's SoftBank Group

Japan's SoftBank Group Corp. posted net income of 1.17 trillion yen (about $11 billion) in the third fiscal quarter, thanks to investments in Vision Funds, The Wall Street Journal reported.

The company had investment income of 1.77 billion yen, about 80% of which came from Vision Funds 1 and 2.

According to SoftBank's press release, its net profit for the nine months ended 31 December 2020 rose more than sixfold to 3.055 trillion yen, up from 476.59 billion yen a year earlier.

The company's revenue rose 6.1% to 4.138 trillion yen in the nine months.

SoftBank, which has reoriented itself into an investment company from a telecoms conglomerate, has benefited from rising equity markets in the past year, the WSJ notes. The market capitalisation of companies in which Vision Fund invests, especially Uber Technologies Inc., continued to rise last quarter.

In addition, the securities of food-delivery service DoorDash Inc., of which the fund is an investor, soared immediately after its IPO in December.

Several companies in which Vision Fund has investments are preparing for IPOs this year, fund chief Rajeev Misra said in November. SoftBank is also planning to IPO several special purpose acquisition companies (SPACs).

SoftBank also said on Monday it would receive a total of $4 billion in dividends from its British subsidiary, SoftBank Group Capital Limited.

SoftBank's shares rose 4.5 per cent today before the announcement, reaching their highest level since February 2000.

Persons1 and Companies4 in the news

Chief Executive Officer of SoftBank Group
1 place
DoorDash
1 place
SoftBank Group
2 place
Uber
3 place
Section:

Discussion

Rating companies
Tesla
52 Mention
Apple
51 Mention
Amazon
49 Mention
Nasdaq
46 Mention
Dow Jones
40 Mention
Facebook
38 Mention
White House
31 Mention

NEW YORK NEWS

News from GlobalNY.biz is the freshest and most relevant information about high-profile events in the region. The task of the resource's news feed is to convey to readers with maximum accuracy and objectivity information about important events in business, politics, economy, healthcare, culture and other spheres of life in New York.
GlobalNY.biz news is a coverage of economic processes taking place in New York, the latest news of public life, incidents and an overview of political events. New York news is information about the activities of small and medium-sized businesses, the work of housing and communal services and utilities, the implementation of significant projects.
The site's journalists describe not only the life of the region, but also talk about the current state of the US economy. Everything you need to know about innovations in the field of industry and agriculture, economy and power is collected in the "News" section at GlobalNY.biz.
New York news quickly informs the reader, shows the real picture and opens up hot topics. Communication with government structures and business enables us to provide our readers with reliable, information-rich material. The main page of the portal contains the key news of New York!
Alena Potapova

Development Director