TOKYO: Japan’s SoftBank Group on Friday posted a net profit in the second quarter, with big gains from its recent sale of some shares in Chinese e-commerce giant Alibaba.
In the period from July to September, the investment behemoth logged 3.03 trillion yen ($21.4 billion) in net profit.
But over the first half it suffered a net loss of 129 billion yen, after a record net loss in the first quarter.
SoftBank Group has made huge bets to find and grow new tech ventures around the world, making its earnings vulnerable to fickle market forces.
As another example of these dizzying ups and downs, it logged a record annual net loss in 2021-22 — having recorded Japan’s biggest-ever full-year net profit the previous financial year.
China’s crackdown on its tech sector has contributed to SoftBank’s recent financial woes.
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