SoftBank Is Starting to Look a Lot Like a Private Equity Firm
- Sale of ARM’s Chinese unit boosted profit by 161 billion yen
- Vision Fund recorded increased valuations of WeWork, Flipkart
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SoftBank Group Corp.’s metamorphosis into an investment company is becoming clearer.
The Japanese telecommunications provider and technology investor said operating profit rose 49 percent to 715 billion yen ($6.4 billion) in the three months ended June. That was fueled mainly by investment gains, including a 245 billion yen boost from its Vision Fund and 161 billion yen from the sale of subsidiary ARM’s Chinese unit. Revenue was 2.27 trillion yen.