JAPAN’S SOFTBANK GROUP SETS RECORD-BREAKING PROFIT AT $46B
SoftBank Group Corp. said Wednesday its net profit in the business year ended March surged to 4.99 trillion yen ($46 billion), the highest level on record for a Japanese company, thanks to its successful investments in tech firms around the world.
Rebounding from a record net loss of 961.58 billion yen in fiscal 2019, SoftBank Group broke the previous record of 2.49 trillion yen in net profit logged by Toyota Motor Corp. in fiscal 2017, according to data provided by Nomura Securities Co. SoftBank Group's annual net profit exceeded US software giant Microsoft Corp.'s $44.28 billion net income in the business year ended in June and the latest yearly profits of other tech giants such as Facebook Inc. and Amazon.com Inc.
The Japanese investment giant made a dramatic turnaround from its loss a year earlier resulting from its failed investment in We Co., operator of US shared workplace provider We Work. SoftBank Group, however, remains vulnerable to changes in global stock markets as its businesses continue to focus on investments in tech firms.
Chairman and CEO Masayoshi Son said the company marked the record profit "by a series of chances," citing the robust recovery of global stock markets despite the novel coronavirus pandemic, a development that buoyed the stock valuation of the tech companies in which it has invested.
"We will continuously earn a profit, unaffected by ups and downs in stock markets, based on a new business model using artificial intelligence technology," Son told a press conference.
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