Japan's SoftBank Group marks a return to profit as it cuts Vision Fund losses
Japanese technology conglomerate SoftBank Group has returned to profitability after four straight quarters in the red
By YURI KAGEYAMA
Published - Feb 08, 2024, 05:06 AM ET
Last Updated - Feb 08, 2024, 05:06 AM EST
TOKYO (AP) — Japanese technology conglomerate SoftBank Group returned to profitability in October-December after four straight quarters in the red, the company said Thursday.
Tokyo-based SoftBank reported a 950 billion yen ($6.4 billion), profit for the October-December quarter, a reversal from a 783 billion yen loss in the same period a year earlier.
It remained in the red for the first nine months of the fiscal year that ends in March. Its 458.7 billion yen ($3 billion) loss for April-December was still an improvement from the 912.5 billion yen in losses a year earlier.
Nine-month sales at SoftBank rose 2.6% to 5 trillion yen ($33.6 billion). Quarterly sales rose nearly 5% to 1.77 trillion yen ($11.9 billion)
