Net income was 1.93 trillion yen ($17.7 billion) for the three months ended March 31, the most for a listed Japanese company dating back to 1990, data compiled by Bloomberg show. Most of it came from SoftBank’s Vision Fund investment arm, whose 2.3 trillion yen profit was supercharged by the successful initial public offering of Coupang Inc. in March.
Masayoshi Son’s investment business went from being the source of the biggest loss in SoftBank’s history just a year ago to the main driver of earnings. A global surge in technology shares has boosted Vision Fund profits to new records for three consecutive quarters, raising the value of its holdings in the likes of Uber Technologies Inc. and paving the way for public listings from startups such as Coupang and DoorDash Inc.
Son touted his performance in a press conference after the results, urging investors to back his strategy. He admitted to mistakes with startups like WeWork and Greensill but argued that successes have more than made up for such missteps.
“I’m not overjoyed or depressed so easily, just stay calm,” he said, pacing a stage in Tokyo with a black turtleneck and matching black blazer.
SoftBank’s portfolio between its two Vision Funds totaled 125 companies at the end of March. The Japanese conglomerate doesn’t have to sell equity holdings to book income, so most of its profits are unrealized. It exited 11 investments over the past fiscal year, booking a cumulative $4 billion in realized gains.