SoftBank returns to profit after record losses

Major contributor: A woman walks down a flight of stairs in front of a SoftBank store in Tokyo. The US$100bil Vision Fund set up three years ago to invest in technology companies has become a key driver of SoftBank’s income. — Bloomberg

TOKYO: SoftBank Group Corp rebounded from a record loss to post a first-quarter profit as valuations for technology startups recovered from the coronavirus pandemic.

Net income hit 1.26 trillion yen (US$11.8bil) for the three months ended June 30, the Tokyo-based company said in a statement, compared with a loss of 1.44 trillion yen three months earlier.