SoftBank’s Vision Fund logs biggest gain in nearly three years as tech valuations recover

SoftBank posted its biggest gain in nearly three years at the flagship tech investment arm, the Vision Fund, in the December quarter amid a recovery in valuation of technology companies.

Here’s how SoftBank did in the December quarter against LSEG estimates:

• Net sales: 1.77 trillion Japanese yen ($11.9 billion) versus 1.8 trillion Japanese yen expected.
• Net income: 950 billion Japanese yen versus 196.5 billion yen expected.

The Vision Fund logged a gain on investment of 600.7 billion Japanese yen, continuing a recovery after record losses in the previous fiscal year. That gain is the highest since the March 2021 quarter when the Vision Fund posted a 3.59 trillion yen gain.

SoftBank’s net income was also the first first quarterly profit after four straght losses.

SoftBank’s flagship tech investment arm had a rough time in the fiscal year that ended in March last year, posting a record loss of around $32 billion amid a slump in tech stock prices and the souring of some of the business’ bets in China.