SoftBank posts Q3 profit gain as Vision Fund rallies (updated)

Open Door

08/02/2021 06:26

(Adds detail)
    TOKYO, Feb 8 (Reuters) - SoftBank Group Corp  9984.T  on
Monday recorded an 844 billion yen ($8 billion) profit at its
Vision Fund unit in the three months to Dec. 31 compared with a
loss a year ago as it gained from investments in Uber
Technologies  UBER.N  and other companies.  
    The earnings mark a sea change from a year earlier when high
profile misses such as the flopped IPO of office sharing firm
WeWork and the COVID-19 pandemic forced CEO Masayoshi Son to
sell down assets to stabilise his investing empire.
    During the third quarter net profit ballooned more than 20
times to 1.17 trillion yen ($11.09 billion). That compared with
an estimate of 171 billion yen from four analysts polled by
Refinitiv SmartEstimate.
     ($1 = 105.5000 yen)

 (Reporting by Sam Nussey; Editing by Jacqueline Wong)
 ((sam.nussey@tr.com; https://twitter.com/SamNusseyRTRS;
+81345632760;))