SoftBank's 'Alibaba Stake Sale' Leads to Q3 Profit Turnaround... Vision Fund Records 9.5 Trillion Won Loss

FTX Investment-Related Losses Are Confidential

[Asia Economy Reporter Yujin Cho] Japan's SoftBank Group ended its two consecutive quarters of losses and succeeded in turning a profit in the third quarter. This was due to the one-time gain from the sale of Alibaba shares.

SoftBank Group, led by Chairman Masayoshi Son, announced on the 11th that it recorded a net profit of 3.0336 trillion yen (approximately 28.359 trillion KRW) on a consolidated basis for the third quarter (July to September) of this year, successfully turning a profit compared to a loss of 397.9 billion yen in the same period last year.

Although losses continued to worsen among AI-related startups invested in by the core business unit Vision Fund, the company stated that this was due to the one-time gain of 5.3716 trillion yen from the sale of Alibaba Group shares. According to Bloomberg News, during this period, the Vision Fund recorded a loss of 7.2 billion dollars (approximately 9.5 trillion KRW).

SoftBank Group posted a record annual loss of over 1.7 trillion yen in the 2021 fiscal year (April 2021 to March 2022), followed by losses of 2.16 trillion yen from January to March and 3.16 trillion yen from April to June this year, showing a two-quarter consecutive loss streak.

SoftBank Group did not disclose the scale of investment losses related to FTX, which is facing bankruptcy concerns after Binance withdrew its acquisition.

This content was produced with the assistance of AI translation services.