Breaking News

SoftBank Group

SoftBank Group Returns to Profit, Signals Recovery Amidst Portfolio Upswing

Tokyo, February 08, 2024, The Europe Today: Japan’s SoftBank Group announced a triumphant return to profitability after a five-quarter slump. The tech investment giant, led by Chief Executive Masayoshi Son, reported a net profit of 985.5 billion yen ($6.6 billion) for the quarter ending December, a stark contrast to the 744.7 billion yen loss recorded in the same period a year earlier.

The positive financial turnaround can be attributed to an upswing in the performance of SoftBank’s portfolio companies. During the challenging times of the pandemic, SoftBank, along with its Vision Fund investment arm, had faced adversity marked by reduced investment activities and asset sell-offs, particularly in high-growth startups.

The latest financial report brings a ray of hope for investors as quarterly net income surpassed market expectations. The Vision Fund arm, closely monitored for its impact on SoftBank’s overall performance, recorded an investment profit of 600.73 billion yen, underscoring a significant rebound.

Speaking at a briefing, SoftBank’s Chief Financial Officer, Yoshimitsu Goto, expressed optimism about the company’s trajectory, stating that SoftBank is once again on a growth path. Goto highlighted the favorable market conditions and a positive outlook for the future, providing reassurance to stakeholders amidst ongoing market uncertainties.