August 11, 2020

SoftBank back to black with $12bn 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 results will be a relief for chief Masayoshi Son, who has faced an increasing drumbeat of criticism after recent record losses for the firm.Son transformed what began as a telecoms company into an investment and tech behemoth with stakes in some of Silicon Valley’s hottest start-ups through its $100 billion Vision Fund.But he has battled opposition to his strategy of pouring money into start-…


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