Sunday, November 27, 2022

SoftBank Q2 Net Profit Boosted By Sales Of Alibaba Shares - UrduPoint News

Last updated Friday, November 11, 2022 07:05 ET , Source: TopWireNews

Tokyo, (UrduPoint / Pakistan Point News - 11th Nov, 2022 ) :Japan's SoftBank Group on Friday posted a net profit in the second quarter, partly thanks to gains from the recent reduction of its stake in Chinese e-commerce giant Alibaba.
But falling share prices for many of its tech start-up ventures continue to hurt the company's balance sheet.
The investment behemoth has made huge bets to find and grow new tech companies around the world -- making its earnings vulnerable to fickle market forces.
SoftBank's results have lurched between dizzying highs and lows in recent years, while China's crackdown on its tech sector has also taken a toll on the company.
In August, the group announced it would sell down some of its shares in Alibaba, reducing its stake in the Chinese tech giant to around 15 percent from 24 percent.
This helped boost SoftBank's earnings in the second quarter for a net profit of 3.03 trillion Yen ($21.4 billion).
Over the first half of this financial year, however, it suffered a net loss of 129 billion yen, brought down by its record net loss in the first quarter.
SoftBank's performance in the April-to-June quarter was dragged down by a global tech share rout, triggered by interest-rate hikes by the US Federal Reserve and other central banks to tackle inflation.
The bleak investment climate caused losses in SoftBank's investments in ventures from US food delivery app DoorDash to South Korean e-commerce brand Coupang.
And the trend continued in the second...

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