There was a collective 'meh' from investors in SoftBank Group Corp after it reported its largest quarterly profit in two years as the share price drifted 1% lower in Tokyo trading.
The tech incubator's performance was driven by successful IPOs from Indian startups, which boosted its Vision Fund.
It meant that it earned ¥1.18 trillion ($7.7 billion) for the third quarter, exceeding analyst expectations of ¥295 billion, and reversing a ¥931 billion loss from the previous year.
Key contributors included rising valuations of companies like Didi Global and Coupang, alongside the Vision Fund’s gains of ¥373 billion.
The surge in India’s IPO market, including offerings from Ola Electric Mobility, FirstCry’s parent company Brainbees Solutions, and the upcoming Swiggy IPO, has bolstered the Vision Fund’s performance.
The stock fell ¥104 to ¥9,409.