SoftBank Group net profit soars to $11.1 billion in third quarter
Net profit for October-December hit 1,171.9 billion yen, more than 21 times higher than the 55.0 billion yen reported a year earlier, the conglomerate said. AFP
Source: AFP
SoftBank Group on Monday said net profit rocketed to $11.1 billion in the third quarter as stock rallies and asset sales helped it solidify its recovery.
Net profit for October-December hit 1,171.9 billion yen, more than 21 times higher than the 55.0 billion yen reported a year earlier, the conglomerate said.
Despite the results, it said it would not provide forecasts of consolidated results of operations as they are difficult to project due to numerous uncertainties affecting earnings .
SoftBank CEO Touts Goose With Golden Eggs As Profit Soars By Shingo ITO
02/08/21 AT 4:37 AM
SoftBank Group said net profit rocketed to $11.1 billion in the third quarter, as CEO Masayoshi Son taunted critics and dubbed his Vision Fund a goose that produces golden eggs.
The telecoms firm turned tech investment behemoth said net profit for October-December hit 1,171.9 billion yen ($11 billion), more than 21 times higher than the 55 billion yen ($500 million) reported a year earlier.
Despite the results, it said it would not provide a forecast due to numerous uncertainties affecting earnings .
But the economic crisis that has accompanied the coronavirus pandemic has worked largely in SoftBank s favour, with rallies in tech stocks it owns and rising valuations for firms in its portfolio suited to the era, including food delivery.
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