Net profit for the six months to September came to 1.88 trillion yen ($18 billion), up from 421.6 billion yen a year earlier, the conglomerate said. The profit surge was mainly driven by gains on its investments, which topped two trillion yen for the period. Founder Masayoshi Son has transformed the 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. Paired with the recent recovery in tech stocks, SoftBank’s asset sale strategy appears to be paying off, analysts said. SoftBank shares closed up 5.37 percent at 7,083 yen shortly before the results were announced, having recovered from their March low of 2,687 yen.

Source: Manila Times November 09, 2020 07:30 UTC