It is difficult to share the optimistic vision of Masayoshi Son of SoftBank
It is difficult to share the optimistic vision of Masayoshi Son of SoftBank
the president of Masayoshi Son believes that the latest results from his Vision Fund should silence the negativists.
Not so fast.
Of course, the close to $ 100 billion of funds I reported stellar results on Monday. Together with SoftBank's Delta Fund of $ 6 billion, it recorded an operating profit of $ 5.6 billion for the six months ending in September. That, in turn, generated a 62% overall increase in operating profits for the Japanese technology conglomerate.
The sale of Vision Fund the last quarter of its 20% stake in the Indian e-commerce company Flipkart for
I was good for a profit of $ 1.3 billion. The fund also benefited from revaluations of its investments in the office giant WWork and the Indian hotel chain Oyo, although to a certain extent, these the profits are self-fulfilling: Valuations rose mainly by billions of dollars of New financing of the Vision Fund..
The big problem of SoftBank is that the positive news of the last quarter already seems old history.
Sorry, SoftBank: The Force is against you.
Photo:
Mike Blake / Reuters
Take 4.4% of the fund in the chip maker.
By the end of September, the investment had generated about $ 4.6 billion, more than half of the total operating income of the Vision Fund since it closed in May last year. But Nvidia shares have fallen 24% since then, as pessimism has declined in global semiconductor stocks. That translates into a $ 1.8 billion paper loss for SoftBank this quarter.
SoftBank has other problems: its links with Saudi Arabia, the main sponsor of the Vision Fund, are suddenly contaminated by the murder of journalist Jamal Khashoggi. And its domestic telecommunications business is under pressure, and its main rival promised, at the request of the Japanese government, to reduce prices.
The price of SoftBank shares has fallen by 24% since September. Given the pile of problems of the Vision Fund, it is difficult to see the end of its fall in the short term.
Write to Jacky Wong in JACKY.WONG@wsj.com
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