SoftBank’s Vision Fund posted a record $8 billion profit in the third quarter as its bets on DoorDash and Uber paid off

SoftBank’s Vision Fund posted a record $8 billion profit in the third quarter as its bets on DoorDash and Uber paid off

SoftBank's Vision Fund made a record $8 billion (844 billion yen) profit in the final three months of the year as its bets on Uber and food delivery service DoorDash paid off, its third-quarter earnings showed on Monday.

The jump in profit to $7.99 billion compared to a loss of around $2.13 billion (224 billion yen) in the same quarter a year earlier, when poor performances from WeWork and Uber rocked the $100 billion Japanese tech fund.

However, the boom in stock markets and initial public offerings seen in 2020 helped SoftBank turn around its Vision Fund, which specializes in investing in fast-growing tech names.

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Yet SoftBank recorded a $2.7 billion (285 billion yen) loss in derivatives trading in the period, its earnings showed, which is likely to increase scrutiny of founder Masayoshi Son's controversial decision to delve into stock and options trading.

As a whole, SoftBank's net income jumped to $11.09 billion (1.17 trillion yen) in the third quarter, boosted by Vision Fund's record results. SoftBank's third quarter was the three