SoftBank telecom and investor company made a lower profit in the past quarter, but still achieved a much higher result than experts expected. The Japanese concern did good business with its Vision Fund, which benefited, among other things, from the IPO of the Slack chat service.
Operating profit decreased by 3.7 percent to 688.8 billion yen in the first quarter of the broken financial year, equivalent to around 5.8 billion euros. That result is far above the 345.3 billion yen that analysts had estimated in a Bloomberg consensus.
SoftBank not only saw its stake in Slack gain in value, but also did good business with investments in the Indian hotel chain OYO Rooms and the meal order app DoorDash. On the other hand, the interest of the Japanese in Uber lost 195.3 billion yen in fair value.
SoftBank has even greater investment ambitions under Masayoshi Son CEO. The company recently announced a new fund of more than 100 billion dollars, which is investing money in the development of artificial intelligence. Companies such as Apple, Foxconn and Microsoft also participate in that fund.