Investing.com– Japanese technology conglomerate SoftBank Group Corp. (TYO:) clocked a stronger-than-expected quarterly profit on Tuesday, aided by the successful listing of some of its portfolio stocks and by resilience in the yen.
SoftBank’s net profit surged to 1.18 trillion yen in the three months to September 30, much more than Reuters estimates of 287 billion yen. That compared to a loss of 931 billion yen in the same period a year ago.
The firm, which is a major investor in the tech sector, benefited from a boom in valuations this year amid hype over artificial intelligence. The successful listing of its portfolio firms also benefited its top line.
Softbank’s flagship Vision Fund unit, through which it makes a bulk of its tech investments, clocked a 608.48 billion yen gain on investments in the September quarter.
The firm clocked an investment gain of 1.28 trillion yen on its holdings in Alibaba Group Holdings Ltd (NYSE:) (HK:) over the six months to September 30, with a bulk of these gains coming in September after China announced more stimulus measures.
Softbank (OTC:) also benefited from increased initial public offering activity in its portfolio.
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