SoftBank Reports $37 Billion Vision Fund Profit on CoupangTOKYO (Reuters) – SoftBank Group Corp on Wednesday reported a 4.027 trillion yen ($36.99 billion) fourth-quarter profit at its Vision Fund unit after booking a gain on investment Coupang, underscoring its recovery a year after a record loss.
Group net profit was 4.99 trillion yen in the year ended March. That compares with an 962 billion yen loss a year earlier after teetering tech bets
https://www.reuters.com/article/softbank-group-results-idINKBN22U0KM depressed the value of its portfolio.
Market enthusiasm for tech stocks drove the public listing of SoftBank-backed e-commerce firm Coupang and used-car trading platform Auto1 Group and the rising share price of ride-hailing firm Uber during the quarter.
Much of Vision Fund’s gain is on paper with the value of the portfolio locked up in the stock market amid concern over frothy valuations and a boom in special purpose acquisition vehicles (SPACs) which has drawn regulatory scrutiny.
($1 = 108.8600 yen)
(Reporting by Sam Nussey; Editing by Kim Coghill)