August 11, 2020

SoftBank back to black with $12 bn profit after record losses

Tokyo (AFP) – SoftBank Group on Tuesday reported a $12 billion quarterly net profit to June, recovering from eye-watering losses as tech stocks rally and the firm sheds assets to shore up its finances.The Japanese telecoms and investment giant said its net profit rose 11.9 percent from a year earlier to 1.26 trillion yen ($12 billion) in the three months to June.The results will be a relief for chief Masayoshi Son, who has faced an increasing drumbeat of criticism for his investment strategy after recent record losses for the firm. Son transformed what began as a telecoms company into an inves…


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