SoftBank comeback stays on track with $6 billion profit
Japan’s SoftBank Group Corp., the world’s largest technology investor, is ready to go on the offensive again after a year of struggling with missteps, losses and tanking markets.
The conglomerate logged a profit of more than $6 billion in the July-September quarter, driven by rising share prices and valuations for some of its portfolio companies.
The strong performance continues a remarkable comeback for the Japanese conglomerate—best known for its $100 billion Vision Fund—as well as its mercurial Chief Executive Masayoshi Son.
Half a year ago, the company had to report a $9 billion annual loss, its worst ever. Now the share price is rising—it was up another 5.4% on Monday—investment returns are up and the company is sitting on a huge cash pile.