Technology Investor SoftBank Group on Tuesday reported a record net profit of $11.8 billion in the April-June quarter thanks to the merger and partial sale of its stake in U.S. mobile carrier Sprint with T- Mobile and a recovery in its most-scrutinized $100 billion Vision Fund, marking a return to profit after its worst year in history.
Masayoshi Son, the founder of the Japanese technology conglomerate confirmed that securing cash remained his focus.
Profits were boosted mainly by the partial sale of its stake in the newly combined mobile company consisting of its US unit Sprint and larger rival T-Mobile.
The $100 billion Vision Fund, which suffered an $18 billion blow in the previous quarter, eked out an investment gain of $2.8 billion backed by a buoyant US stock market with shares in ride-sharing group Uber and workplace messaging app Slack rising 11% and 16%, respectively, during the three months.
SoftBank also announced it would set up a new $555 million fund using part of Son’s own money to invest in Amazon, Apple, Facebook and other established tech giants.
The recovery caps one of Son’s most tumultuous periods at SoftBank, which was forced to embark on a $41 billion asset sale programme to fund share buybacks and reduce debt against the backdrop of the coronavirus pandemic.