SoftBank Group Corp. reported a 1.93 trillion yen ($17.7 billion) quarterly profit for the three-month period ending March 31st, resulting in the company setting the record for the largest ever net quarterly profit for a Japanese company. According to data, the majority of the conglomerate company’s profit was generated by the Vision Fund investment arm.
This business unit, headed by the billionaire entrepreneur and philanthropist Masayoshi Son, transformed itself from the source of the largest ever loss in Japan to the largest revenue generator in the nation over a period of just one year. Thanks to a global surge in technology stocks, Vision Fund was able to achieve record profits in three straight quarters. The investment machine holds stocks in major tech players such as Uber Technologies Inc.
In a press conference following the release of these results, Son emphasized the importance of remaining calm and not getting carried away by such overwhelming results. “I’m not overjoyed or depressed so easily, just stay calm”, he assured. Over the past year, SoftBank spent in excess of $23 billion buying back its own stock, thereby elevating the stock to its highest value in two decades.
