SoftBank’s earnings surge
TOKYO — Japanese technology company SoftBank says its net profit soared more than 50-fold from a year earlier to 313.7 billion yen ($2.8 billion) in the latest quarter thanks to gains in its main investment fund.
Sales in the April-June quarter edged up 4 per cent to 2.3 trillion yen.
The SoftBank Vision Fund rose in value by 244.9 billion yen, driven by higher valuations for its holdings in Indian online retailer Flipkart and American shared office provider WeWork. The value of the fund's stake in Flipkart increased 164.3 billion yen after Walmart agreed in May to buy it.