SoftBank posted a net profit of ¥3.034 trillion for the quarter ended Sept. 30.
Photo:
yuichi yamazaki/Agence France-Presse/Getty Images
TOKYO—Japanese technology investor
SoftBank Group Corp.
9984 1.76%
on Friday reported a profit of more than $21 billion in the three months to September, after gains from a sale of some of its stake in Chinese e-commerce company
Alibaba
Group Holding Ltd. offset losses at its Vision Fund investments.
SoftBank posted a net profit of ¥3.034 trillion for the quarter ended Sep. 30. That compares with a record quarterly loss of ¥3.16 trillion in the April-June quarter, and a net loss of ¥397.94 billion a year earlier.
SoftBank reported ¥5.372 trillion of gains as a result of the sale of 242 million American depositary receipts of Alibaba. The company said in August its stake in Alibaba would fall to 14.6% by the end of September, down from 23.7% as of June 30.
Shares of Alibaba, which SoftBank has been selling to raise cash, fell 30% during the latest quarter.
In the three months to September, SoftBank reported a business loss of ¥1.020 trillion for its Vision Fund 1, Vision Fund 2 and other funds.
The company’s portfolio suffered another loss from stock-market softness as interest-rate increases sparked concerns over the global economic slowdown and China’s technology sector stumbled due to a government crackdown.
Following the company’s heavy losses in recent quarters, Chief Executive
Masayoshi Son
has moved to cut the fund’s global workforce and switched to a defensive strategy in making new investments.
SoftBank’s shares rose 1.75% on Friday in Tokyo trading, which ended before the release of the results. The company’s share price rose above ¥7,000 this week for the first time in almost a year. SoftBank said Thursday it completed ¥400 billion share buybacks announced in August.
Write to Megumi Fujikawa at [email protected]
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