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    9434   JP3732000009

SOFTBANK CORP.

(9434)
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SoftBank : Japan's SoftBank returns to profit on global stock boom

05/12/2021 | 06:02am EDT

TOKYO (AP) — Japanese technology conglomerate SoftBank Group Corp. returned to profitability for the fiscal year that ended in March, it said Wednesday, boosted by the strong performance of its sprawling investments as stock prices surged.

Tokyo-based SoftBank reported a 4.99 trillion yen ($36 billion) profit, a dramatic reversal from the 962 billion yen loss logged during the previous fiscal year. It did not break down quarterly results.

The annual net profit was the biggest for any company in Japanese history, surpassing Japan's top earner Toyota Motor Corp. But Son brushed off the achievement as “a coincidence," while promising to keep pursuing his dream of innovation, not just monetary gain.

Sales for the fiscal year totaled 5.6 trillion yen ($51 billion), up 7%.

Sales of SoftBank's assets helped boost its bottom line by 5.6 trillion yen ($51 billion) from April to September 2020. The company sold holdings in U.S. mobile company T-Mobile, Chinese technology company Alibaba and Japanese telecommunications company SoftBank Corp.SoftBank was the first to offer the Apple iPhone in the Japanese market.

SoftBank also reduced its debt by 1 trillion yen ($9 billion) this fiscal year by repurchasing corporate bonds and repaying loans.

SoftBank Chief Executive Masayoshi Son told reporters he was proud about how he had grown the company from humble beginnings four decades ago in Fukuoka, southern Japan, to a giant that counts its profits in trillions.

Son acknowledged regrets over investment “mistakes,” pointing to WeWork, a U.S. office-sharing business. But SoftBank’s two Vision Funds for investments, which also have had their up and downs, are showing profitability, Son added.

He gave as an example of how his vision works the sale of SoftBank’s holdings in British semiconductor and software design company Arm to U.S. technology giant Nvidia. Part of that purchase was paid for in Nvidia shares, making SoftBank a major shareholder in an artificial intelligence company, said Son.

“My story has barely started,” he said, stressing his dedication to his dream for a technology “revolution.”

“That is the most important thing for me.”

Yuri Kageyama is on Twitter https://twitter.com/yurikageyama

Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission., source Associated Press News

Stocks mentioned in the article
ChangeLast1st jan.
SOFTBANK CORP. 0.28% 1600 End-of-day quote.23.74%
SOFTBANK GROUP CORP. 1.82% 6661 End-of-day quote.-17.34%
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Analyst Recommendations on SOFTBANK CORP.
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Financials
Sales 2022 5 599 B 50 899 M 50 899 M
Net income 2022 520 B 4 731 M 4 731 M
Net Debt 2022 4 124 B 37 484 M 37 484 M
P/E ratio 2022 14,6x
Yield 2022 5,38%
Capitalization 7 512 B 68 362 M 68 285 M
EV / Sales 2022 2,08x
EV / Sales 2023 2,00x
Nbr of Employees 37 821
Free-Float 58,1%
Chart SOFTBANK CORP.
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SoftBank Corp. Technical Analysis Chart | 9434 | JP3732000009 | MarketScreener
Technical analysis trends SOFTBANK CORP.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 19
Last Close Price 1 600,00 JPY
Average target price 1 656,79 JPY
Spread / Average Target 3,55%
EPS Revisions
Managers and Directors
Junichi Miyakawa President, CEO & Representative Director
Kazuhiko Fujihara Chief Financial Officer & Director
Ken Miyauchi Chairman
Takashi Tsutsui Chief Scientist & Managing Executive Officer
Keiichi Makizono Chief Information Officer
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