SoftBank’s earn­ings surge

Penticton Herald - - HOMES -

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.

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