SoftBank Vision Fund’s first fiscal quarter turned from a year-on-year loss to profit, with a pre-tax profit of 61 billion yen

Odaily Planet Daily News SoftBank Group (SoftBank Group) posted a loss for the third consecutive quarter. Although its Vision Fund (Vision Fund) investment arm has recovered, it still lost 477.6 billion yen in the first quarter of fiscal 2023 ending in June. ($3.3 billion). SoftBank's heavy losses were partially offset by an improvement in the Vision Fund unit, which posted investment gains of 159.77 billion yen on a recovery in global tech valuations. These earnings include earnings attributable to SoftBank subsidiaries. The Vision Fund unit, which includes Vision Funds 1 and 2 and the $7.6 billion Latin America Fund, posted a pre-tax profit of 61 billion yen in the latest quarter, compared with a loss of 2.3 trillion yen a year earlier. (FT) According to previous reports, in November 2022, Softbank has written down its FTX investment to zero. As one of the many investment companies that have supported FTX, Softbank claims that "the investment in FTX is less than 100 million US dollars", and it only accounts for 1,000 US dollars. A small portion of the $100 million Vision Fund without materially reducing the value of the stake in the overall company.