SoftBank Reports $7.7 Billion Quarterly Profit

SoftBank Group reported a significant turnaround with a net profit of 1.18 trillion yen ($7.7 billion) for the July-September quarter, a stark contrast to a loss of 931 billion yen during the same period last year. The profit was largely driven by rising share prices within its Vision Fund, which posted an investment gain of 608 billion yen and has been profitable in four out of the last five quarters. CFO Yoshimitsu Goto attributed the success to a more conservative investment strategy and expressed optimism for companies nearing public listings. The company has also benefitted from the absence of significant losses related to its stake in the troubled WeWork, which emerged from bankruptcy in June. Major contributors to the profit included Chinese ride-hailing company Didi and South Korean e-commerce firm Coupang, while SoftBank's significant investment in chip designer Arm has also played a crucial role in its recovery. With the ongoing volatility of its investment portfolio, SoftBank remains cautious but hopeful about future gains as the market stabilizes.