TOKYO – Japanese telecommunications and technology conglomerate Softbank Group Corp. reported Monday a whopping 1.17 trillion yen ($11 billion) profit for the October-December quarter as its investments rose in value.
SoftBank's profits were far better than what analysts had expected, zooming up 21-fold from the 55 billion yen profit recorded the previous year.
The value of its investments rose, including in DoorDash, a U.S. food delivery service, and Uber, a U.S. technology company that offers ride-hailing and deliveries.
Quarterly sales edged up 7% to 1.5 trillion yen ($14 billion). SoftBank’s investment portfolio got an overall healthy boost from the booming global stock market.