SoftBank posts $7.7 billion profit on India’s IPO market boom, rebound in tech valuations

SoftBank Group Corp. swung to a quarterly profit on a series of successful Indian listings and a rebound in tech valuations that boosted the Vision Fund portfolio.

The Tokyo-based company earned a net income of ¥1.18 trillion ($7.7 billion) in the September quarter, compared with a net loss of ¥931 billion last year. Analysts projected on average a net income of about ¥295 billion for the period. The Vision Fund reported a gain of ¥373 billion, thanks to strong initial public offerings for Indian startups and valuation gains in Coupang Inc. and Didi Global Inc.