SoftBank Back To Black With $12bn Profit After Record Losses

SoftBank Group on Tuesday reported a $12 billion quarterly net profit to June, recovering from eye-watering losses as tech stocks rally and the firm sheds assets to shore up its finances

Tokyo, (APP - UrduPoint / Pakistan Point News - 11th Aug, 2020 ) :SoftBank Group on Tuesday reported a $12 billion quarterly net profit to June, recovering from eye-watering losses as tech stocks rally and the firm sheds assets to shore up its finances.

The results will be a relief for chief Masayoshi Son, who has faced an increasing drumbeat of criticism after recent record losses for the firm.

Son transformed what began as a telecoms company into an investment and tech behemoth with stakes in some of Silicon Valley's hottest start-ups through its $100 billion Vision Fund.

But he has battled opposition to his strategy of pouring money into start-ups -- including troubled office-sharing firm WeWork -- which some analysts say are overvalued and lack clear profit models.

The 11.9 percent rise in net profit to 1.26 trillion Yen ($12 billion) puts SoftBank back in theblack after a turbulent financial year that saw its investment woes magnified by the coronaviruspandemic and plunges in global stock markets.