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SoftBank swings to profit on India IPO boost
Mint Mumbai
|November 13, 2024
The firm earned a net income of ¥1.18 trillion in the Sept quarter, compared with a net loss of ¥931 billion last year
SoftBank Group Corp. swung to its biggest quarterly profit in two years on a series of successful Indian listings, giving its founder Masayoshi Son more ammunition for his next bet.
The Tokyo-based company earned a net income of ¥1.18 trillion ($7.7 billion) in the September quarter, compared with a net loss of ¥931 billion last year. Analysts projected on average a net income of about ¥295 billion for the period. The Vision Fund reported a gain of ¥373 billion, which was also bolstered by a lift in the values of companies like Didi Global Inc. and Coupang Inc.
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