SoftBank Group net profit has risen6 percent from a year earlier to 1.5 trillion yen ($13.7 billion).
SoftBank’s Saudi backed Vision Fund invested $45.5 billion in 49 firms.
SoftBank profit in the October-December quarter was 438.3 billion yen ($3.99 billion) with respect to 274 Billion yen the previous
In the modern era of innovation and technology. Making money has become an interesting and challenging task for companies. Japan’s Softbank group has also embarked pumping cash from various sectors apart from core software Business.
According to reports of Softbank Group, its profit has jumped by more than 50 percent for the nine months to December under the leadership of CEO Masayoshi Son. Net profit has risen 51.6 percent from a year earlier to 1.5 trillion yen ($13.7 billion) from strong returns of its high tech investment funds.
The Major role of rising i.e. 800 billion yen is from gains of investment funds led by Softbank vision Fund whose major partner includes Saudi Arabia.
SoftBank Corp, the mobile and software unicorn and founder of technology conglomerate said on Tuesday, its net profit jumped by 19 percent for the nine months to December. It was the first earning announcement of the company after facing loss in the stock market in December.
Under Tycoon CEO Masayoshi Son, SoftBank is emerging as an investment firm, souring funds at a wider range of business apart from its core software sector.
It has recently completed deals with Chinese e-commerce giant Alibaba and French Robotics firm Aldebaran. SoftBank said its profit in the October-December quarter was 438.3 billion yen ($3.99 billion) with respect to 274 Billion yen the previous year.
SoftBank’s Saudi backed Vision Fund invested $45.5 billion in 49 firms including ride-hailing firms Uber Technologies, WeWork Cos, semiconductor maker Nvidia and chip designer ARM. According to Sanford C. Bernstein analyst Chris Lane, “The exact manner in which SoftBank determines the value of its investment remains misty”.
It has also made a huge investment in autonomous vehicle sector, tieing up with car Unicorn Toyota for “new mobility services” such as food deliveries.
Next step of investment and raising a fund of SoftBank group is a matter of concern for market. Stay connected with us for latest updates!
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