SoftBank Shares Soar 13% to Record High After Strong Earnings
SoftBank Group's stock experienced a significant surge, climbing 13% to reach a new record high following the announcement of better-than-expected first-quarter profits. This surge marks the potential best day for the company in the last five years.
Key Highlights
The Japanese conglomerate reported a profit of 421.8 billion yen ($2.87 billion) for the April-June quarter, surpassing analysts' estimates. This represents the second consecutive quarter of profit after a loss in the same period last year.
The increase was largely attributed to a $4.8 billion gain in the value of its Vision Funds, the largest gain since June 2021, driven by gains from private investments and listed companies like Grab and Swiggy.
Several companies within SoftBank's portfolio are expected to go public this year, including Indian eyewear retailer Lenskart.