TOKYO-- SoftBank Group Corp. returned to the black after big investment losses last fiscal year, reporting a Yen1.26 trillion ($11.8 billion) net profit in the April-June quarter.
SoftBank lost $9 billion in the year ended in March--the worst results in the company's history--after its technology-focused $100 billion Vision Fund posted an investment loss of nearly $17 billion.
Since SoftBank's new fiscal year started in April, technology shares have climbed and SoftBank's own stock price has soared in the wake of a $23 billion share buyback program.
Recently, SoftBank has been selling off assets to fund the share buybacks and bolster its balance sheet through debt redemption. It is reducing stakes in U.S. cellphone provider T-Mobile US Inc., Chinese e-commerce leader Alibaba Group Holding Ltd. and its Japanese mobile unit.
The company said Tuesday it sold or monetized Yen4.3 trillion of assets as of Aug. 3.
SoftBank is also exploring a sale of U.K. chip designer Arm Holdings, one of its biggest and strategically most important assets, The Wall Street Journal has reported.
On the Tokyo Stock Exchange, SoftBank shares closed Tuesday down 2.45% at Yen6,361 ($59.95), but they are still up 34% for the year. The earnings announcement came after the market close.
Write to Phred Dvorak at phred.dvorak@wsj.com and Kosaku Narioka at kosaku.narioka@wsj.com
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August 11, 2020 at 01:25PM
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SoftBank posts $11.8 billion profit - MarketWatch
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