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Softbank seen returning to profitability three months after faltering tech bets: report
SoftBank has nearly exited all investing as it fights for survival: Gasparino
Sources tell FOX Business’ Charlie Gasparino SoftBank is looking to raise capital and will likely slash dividends.
TOKYO - SoftBank Group Corp (9984.T) is seen returning to profitability in the first quarter on Tuesday as the value of its listed holdings rise, three months after faltering tech bets via its Vision Fund pushed the group to a record annual loss.
The Japanese conglomerate will likely record operating profit of 171 billion yen ($1.62 billion) for April-June, showed the average of three analyst estimates compiled by Refinitiv. That would represent a 75% drop from the last time it made a quarterly profit, in April-June last year.
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The performance of the $100 billion Vision Fund’s public assets is likely to return SoftBank to profit, said analyst Kirk Boodry at Redex Research.
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Positive news include insurance startup Lemonade Inc’s LMND.N Ssuccessful July listing. Food delivery service DoorDash has also filed for a listing, testing the market’s appetite for money-losing startups.