SoftBank Vision Fund sees a turnaround from a year-on-year loss to a pre-tax profit of 61 billion yen, as the fund recovers amid rising global tech valuations despite SoftBank Group posting a loss for the third consecutive quarter.
SoftBank Group reported losses for the third consecutive quarter in the first quarter of fiscal 2023, which ended in June, incurring a loss of 477.6 billion yen ($3.3 billion). However, the Vision Fund investment arm recovered, offsetting some of the company's losses with investment gains of 159.77 billion yen and reflecting improvements in global tech valuations.
The Vision Fund unit, which comprises Vision Funds 1 and 2 and the $7.6 billion Latin America Fund, recorded a pre-tax profit of 61 billion yen in the latest quarter, rebounding from a loss of 2.3 trillion yen a year earlier (FT).
Previously, in November 2022, SoftBank wrote down its FTX investment to zero, representing a small fraction of its $100 billion Vision Fund, which did not materially reduce the value of the group's stake in the overall company.