From CNBC: 2024-05-13 03:15:59

SoftBank’s Vision Fund, created by founder Masayoshi Son, faced challenges like a tech stock slump due to rising rates and tough China market. Despite this, the Vision Fund recorded a 7.24 billion yen gain in the fiscal year ending March, turning a profit of 128.2 billion yen for the full year.

The recovery of the Vision Fund helped SoftBank Group achieve a profit in the March quarter. The Fund gained from investments in companies like ByteDance and DoorDash but faced losses from firms like DiDi and WeWork. The Vision Fund benefited from the Arm IPO, excluding which, it posted a 167.3 billion yen loss.

SoftBank exceeded LSEG estimates with 1.75 trillion yen in net sales and a net profit of 231.1 billion yen compared to an expected loss. While in the fiscal year till March, SoftBank had an overall loss of 227.6 billion yen, narrower than the previous year’s 970.1 billion yen loss.

Despite the Vision Fund’s record $32 billion loss in the fiscal year ending March 2023, there are signs of recovery with the Fund recording its first investment gain in five consecutive quarters by June. SoftBank’s plan to shift focus to offense mode from defense could pave the way for more investments.

SoftBank, known for early bets like Alibaba, is shifting to an AI-centric portfolio. Executives are excited about AI technology and potential investments in that sector. The firm is reducing its stake in Alibaba and exploring new opportunities, showing a strategic shift led by founder Masayoshi Son.



Read more at CNBC:: SoftBank earnings Q4 and full year FY 2023