TOKYO – SoftBank Group Corp. back to dark after massive investment losses in the previous fiscal year, reporting a net profit of 1.26 trillion yen ($ 11.8 billion) in Q4 – June.
SoftBank lost $ 9 billion in the year ending in March – the worst result in the company’s history – after its $ 100 billion tech-focused Vision Fund announced a nearly 17 billion investment loss. USD.
Since SoftBank’s new fiscal year began in April, tech shares have risen and SoftBank’s own share price has soared following a $ 23 billion stock buyback.
Recently, SoftBank sold off assets to finance stock repurchases and strengthened its balance sheet through debt buybacks. It is reducing its stake in US mobile phone supplier T-Mobile US Inc., Chinese e-commerce leader Alibaba Group Holding Ltd. and Japanese mobile units.
The company said on Tuesday it had sold or made money from its 3.3 trillion yen asset as of August 3.
SoftBank is also looking to sell UK chip designer Arm Holdings, one of the largest and strategically most important assets, The Wall Street Journal reported.
SoftBank shares closed on Tuesday down 2.45% at 6,361yen ($ 59.95), but still up 34% for the year on the Tokyo Stock Exchange. Earnings notices come after the market closes.
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