Japan’s SoftBank Group smashed through analyst expectations and reported a quarterly profit for the first time in more than a year, providing a badly needed boost for the volatile tech conglomerate and its founder Masayoshi Son.
SoftBank said on Thursday it made a net profit of ¥950bn ($6.4bn) in its third quarter to the end of December, well ahead of analyst consensus forecasts of ¥373bn from Bloomberg and ¥196.5bn from data provider LSEG. A year ago, it recorded a ¥783bn loss.
SoftBank last posted a profit in its fiscal second quarter of 2022, after selling a stake in Chinese ecommerce group Alibaba.
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