THE MIRROR OF MEDIA

Tech investment giant SoftBank sees profit slumps as value of holdings suffer


TOKYO— SoftBank Group Corp. mentioned a decline within the worth of many holdings in its funding portfolio despatched its revenue decrease in the course of the newest quarter, displaying that headwinds are rising for the world’s largest tech investor.

The Japanese conglomerate
9984,
+0.90%
,
finest recognized for its $100 billion Imaginative and prescient Fund, mentioned web revenue was ¥761.5 billion, equal to $6.9 billion, for the quarter ended June. That was decrease than the year-ago determine and a fraction of the record-setting January-March quarter, when the corporate rode booming inventory markets to multibillion-dollar features on its investments.

The worth of a few of these investments sank in the course of the April-June quarter, together with Coupang Inc.
CPNG,
+1.78%
,
a Korean e-commerce firm that listed in March, and Auto1 Group
AG1,
-4.11%
,
a German on-line used-car vendor that went public in February. Within the newest quarter, the Imaginative and prescient Fund and its successor misplaced the equal of greater than $6 billion collectively on the worth of 9 holdings, together with Coupang, because the frenzy over some of tech’s hot listings cooled slightly. These firms had helped generate tens of billions of {dollars} in largely paper features for the 2 funds.

Even after accounting for these declines in worth, the 2 funds nonetheless logged the equal of about $2.6 billion in funding features within the newest quarter.

An expanded version of this report can be found at WSJ.com



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *