SoftBank posts $37-bn Vision Fund profit in Q4 on Coupang, eyes more IPOs

SoftBank Group Corp on Wednesday reported a 4.027 trillion yen ($36.99 billion) fourth-quarter profit at its Vision Fund unit after booking a gain on investment Coupang, underscoring its recovery a year after a record loss.

“It’s clearly validation of Masa’s thesis,” Navneet Govil, Vision Fund’s chief financial officer, told Reuters in an interview, referring to Masayoshi Son, the company founder and CEO.

Group net profit was 4.99 trillion yen in the year ended March. That compares with an 962 billion yen loss a year earlier after teetering tech bets https://www.reuters.com/article/softbank-group-results depressed the value of its portfolio.

Market enthusiasm for tech stocks drove the public listing of SoftBank-backed e-commerce firm Coupang and used-car trading platform Auto1 Group and the rising share price of ride-hailing firm Uber during the quarter.