The Japanese conglomerate reported a net profit for the quarter to December 31 of around US$11.1bn, up from US$520.7mln the previous year and ahead of analyst estimates of a US$932.6mln profit
SoftBank Group Corp has reported a surge in profits for its third quarter as the stock market rally and asset sales helped drive a recovery in its business.
On Monday, the Japanese conglomerate reported a net profit for the quarter to December 31 of 1.17 trillion Japanese Yen (US$11.1bn), up from 55bn Yen (US$520.7mln) the previous year and ahead of analyst estimates of a 98.5bn Yen (US$932.6mln) profit.
Looking back on the nine-months to the end of 2020, SoftBank reported gains on several investments during the pandemic, notably food delivery app (NYSE:DASH) and taxi app (), which it attributed to “strong stock price performance”. The company also reported gains from the merger of telecoms group () and Sprint.
Meanwhile, SoftBank said it has also completed the sale or monetisation of assets worth 5.6 trillion Yen (US$53bn) in the six months to September from April, partially through the sale of T-Mobile shares as well as those of Chinese e-commerce firm Holding Ltd ().
Despite the uplift, the company said it will not provide forecasts of consolidated results of operations as they are “difficult to project due to numerous uncertainties affecting earnings”.