Soaring tech shares on Wall Street led to consolidated gains of 7.53 trillion yen on its investments, particularly Vision Fund shares, Softbank said. —- Reuters picTOKYO, May 16 — Investment giant Softbank Group on Wednesday reported the best ever annual net profit for a Japanese company, reaping the rewards of tech share rallies to recover from last year’s record loss.
The yearly figure tops Japan’s previous record held by Toyota and places SoftBank among the world’s most profitable companies. The value of the Vision Fund’s stake in US food delivery app DoorDash also rose massively following its December IPO. “But what I regret more is that there were wonderful companies and I missed them. If I were playing baseball, it was like missed strikeouts.”
“I don’t know if ‘it’s time to harvest’ is the correct phrase — but it’s true that now is a good time to see results after the company’s investments three or four years ago,” he told AFP ahead of the earnings report. “For Softbank Group, tech weakness hits on multiple levels,” he said, noting that Vision Fund public investments were down nearly $3 billion in the past two days.
Source: News Formal (newsformal.com)