SoftBank smashes forecasts with big Q2 profit

12th Nov 2024 15:48

(Sharecast News) - Japanese investment giant SoftBank smashed forecasts with results for its second fiscal quarter, as big gains in its tech investments helped it swing to a massive $7.7bn net profit.

The company posted a net profit of JPY1.18trn ($7.68bn) for the three months to 30 September, up from a net loss of JPY931bn in the second quarter of last year. Analysts had pencilled in a profit of around JPY200bn.

Net sales for the group rose 6% to JPY1.77trn, helped by investment gains of JPY2.65trn.

The company booked investment gains of JPY1.28trn through its investments in Alilbaba and T-Mobile, while its tech-focused Vision Fund - the largest tech-focused investment fund in the world - recorded a JPY600bn investment gain, with its holdings in ByteDance and Coupang both rising.

Vision Fund alone swung to a profit of JPY373bn from a loss of JPY259bn the year before.

SoftBank Group Corp's stock finished Tuesday's session down 1.1% at JPY9,409 despite the better-than-expected results, having gained more than 55% so far this year.