© Reuters. FILE PHOTO: Japan’s SoftBank Group Corp. CEO Masayoshi Son attends a press conference in Tokyo, Japan on November 5, 2018. REUTERS / Kim Kyung-Hoon / File Photo
By Sam Nussey
TOKYO (Reuters) – SoftBank Group Corp’s Vision Fund unit posted a 236 billion yen ($ 2.14 billion) profit in the first quarter on Tuesday after gains from publicly traded portfolio companies were offset. from the fall in shares of companies such as electronic retailer Coupang Inc.
The Japanese conglomerate posted record annual earnings in May and executives pointed to a greater advantage from Vision Fund investments such as Chinese company Didi Global Inc and “Uber for Trucks” startup Full Truck Alliance Co Ltd.
Those companies that were listed in New York during the quarter, but Chinese regulatory action has subsequently hit valuations, underscoring SoftBank’s risk in China even as the group seeks to reduce reliance on its largest asset, a stake in the giant. Chinese e-commerce. Alibaba (NYSE 🙂 Group Holding Ltd.
The tower is clouding the outlook for the group, whose shares have fallen by a third from a two-decade high in March amid a record 2.5 trillion yen buyback that has been completed since then. Shares closed 0.9% higher than earnings.
The group’s first quarter net profit fell 39% to 762 billion yen.
Still, SoftBank said its Vision Fund unit posted a profit of 310 billion yen after selling shares in delivery company DoorDash Inc and carrier Uber Technologies (NYSE 🙂 Inc.
SoftBank has also been News Block in publicly traded stocks through its SB Northstar trading unit. It had $ 13.6 billion worth of company stakes at the end of June and the portfolio no longer includes Microsoft Corp. (NASDAQ 🙂 or Facebook Inc (NASDAQ 🙂 listed three months earlier.
Chief Executive Masayoshi Son will speak at a press conference starting at 07:30 GMT.
($ 1 = 110.3900 yen)
Disclaimer: Fusion Media I would like to remind you that the data contained in this website is not necessarily real time or accurate. All CFDs (stocks, indices, futures) and Forex prices are not provided by exchanges, but rather by market makers, so the prices may not be accurate and may differ from the actual market price, which means that prices are indicative and not appropriate for commercial purposes. Therefore, Fusion Media assumes no responsibility for any business losses you may incur as a result of the use of this data.
Fusion Media or anyone involved with Fusion Media will not accept any responsibility for loss or damage as a result of reliance on information, including data, quotes, charts, and buy / sell signals contained on this website. Be fully informed about the risks and costs associated with trading the financial markets, it is one of the riskiest forms of investment possible.