Softbank Group Net Profit Surges Over Four - Fold


SoftBank Group net profit surges over four-fold

Japan's SoftBank Group says its first-half net profit jumped four and half times from a year ago. That's as its investments in tech stocks jumped and it sold off assets to shore up its finances.

The company said on Monday that net profit in the April-September period came to about 1.9 trillion yen, or about 18 billion dollars.

The company has been selling assets to buy back shares and repay debt. It said it sold or monetized 5.6 trillion yen of assets in the first half.

SoftBank has transformed itself from a telecom company to a tech firm that invests aggressively in promising enterprises.

It holds stakes in a range of starts-ups through its 100-billion-dollar Vision Fund.

Chairman and CEO Son Masayoshi said " I expect the Internet business to evolve into one centered on AI technologies. I want to invest actively to lead the AI revolution."