SoftBank's Vision Fund swings to profitability

08/02/2022 Argaam

Logo of SoftBank

SoftBank's Vision Fund turned to a profit of ¥109 billion ($940 million) in the quarter ending December 2021, against a loss of ¥825.1 billion in the second quarter.

 

The Japanese conglomerate posted a net profit of ¥29 billion ($251 million) in the three months from October to December, compared with a profit of ¥1.17 trillion in the same period a year before.

 

With several companies trading in the company's investment portfolio at less than the offering price, the shares of WeWork, Grab and Auto 1 declined during the quarter.

 

China also weighed on the performance, as the regulators took action against the technology companies, leading to a decline in the shares of Alibaba, in which SoftBank owns a stake.

 

SoftBank announced that the sale of UK-based chip business Arm to Nvidia collapsed on regulatory challenges, adding that it plans to float Arm shares.

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