SoftBank reports $37 billion Vision Fund profit on Coupang
05/12/2021 6:38
TOKYO (Reuters) -SoftBank Group Corp on Wednesday reported a 4.027 trillion yen ($36.99 billion) fourth-quarter profit at its Vision Fund unit after booking a gain on investment Coupang, underscoring its recovery a year after a record loss. It s clearly validation of Masa s thesis, Navneet Govil, Vision Fund s chief financial officer, told Reuters in an interview, referring to Masayoshi Son, the company founder and CEO.
Group net profit was 4.99 trillion yen in the year ended March. That compares with an 962 billion yen loss a year earlier after teetering tech bets https://www.reuters.com/article/softbank-group-results-idINKBN22U0KM depressed the value of its portfolio.
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TOKYO (Reuters) -SoftBank Group Corp on Wednesday reported a record 4.03 trillion yen ($37 billion) Vision Fund unit profit from a fourth-quarter gain on Coupang, putting it among the world’s top earning firms a year after an unprecedented loss.
Group net profit was 4.99 trillion yen ($45.88 billion) in the year ended March, beating the $42.5 billion made by Warren Buffett’s Berkshire Hathaway in its last business year.
“This is not a result to make us puffed up with pride. I don’t want it to be a one time thing,” founder and CEO Masayoshi Son told a news conference.
The profit compares with an 962 billion yen loss a year earlier after teetering tech bets here depressed the value of SoftBank s portfolio.
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By Reuters Staff
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TOKYO, May 12 (Reuters) - SoftBank Group Corp on Wednesday reported a 4.027 trillion yen ($36.99 billion) fourth-quarter profit at its Vision Fund unit after booking a gain on investment Coupang, underscoring its recovery a year after a record loss. ($1 = 108.8600 yen) (Reporting by Sam Nussey; Editing by Kim Coghill)