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

SourceBusiness Insider
SectorFinancial Markets
CountryMiddle east

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. Read More: Wall Street's resident IPO expert shares the strategy behind her ETF that returned 107% last year - plus 3 risks to the current IPO boom and 5 offerings to watch this year 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...read more...