Economic news

SoftBank posts $6.6 billion revenue, first in five quarters

2024.02.08 01:30


© Reuters. FILE PHOTO: The emblem of SoftBank Group Corp is displayed at SoftBank World 2017 convention in Tokyo, Japan, July 20, 2017. REUTERS/Issei Kato/File Photo

TOKYO (Reuters) -SoftBank Group on Thursday posted a web revenue of 985.5 billion yen ($6.6 billion) in the October-December quarter, ending a streak of 4 consecutive quarters in the purple, as the worth of publicly listed investments gained floor.

The outcomes mark a turnaround for the funding firm, which has gone by means of a interval of slashing funding exercise and promoting off belongings.

Many of its investments in high-growth startups had fallen in worth underneath the upper rate of interest atmosphere that adopted the coronavirus pandemic.

The web revenue at group stage in contrast with a 744.7 billion yen loss a 12 months earlier on a steep decline in the valuation of its unlisted Vision Fund unit investments.

Its Vision Fund funding unit, in the meantime, booked an funding revenue of 600.73 billion yen in the most recent quarter, following a modest revenue of 21.4 billion yen three months earlier.

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